Brent Crude Oil Acquisition Price Almost Touches Highest Price in 2015

By : Abraham Sihombing And Aldo Bella Putra | Wednesday, November 01 2017 - 16:00 IWST

Kialng minyak Balikpapan. (Foto: IST)
Kialng minyak Balikpapan. (Foto: IST)

INDUSTRY.co.id - Singapore - Brent crude oil prices rose 22 cents, or 0.36%, to $ 61.16 a barrel in electronic trading on Wednesday (01/11/2017) in Asian markets compared with previous trading sessions.

Brent crude oil prices are close to the highest position of US $ 61.41 per barrel ever achieved in the previous two years, precisely in 2015.

Reuters in Singapore on Wednesday (11/1/2017) reported, Brent oil prices jumped 38% compared with the position of its lowest price in 2017 at the position of US $ 44.32 per barrel in June.

The rise in Brent oil prices was buoyed by OPEC's move to improve its compliance with a deal to reduce the supply to the market as it promised. Russia is also involved in keeping the OPEC deal.

Meanwhile, West Texas Intermediate (WTI) crude oil prices rose 27 cents, or 0.5 percent, to $ 54.65 a barrel, as well as near February highs. WTI soared 30% since hitting 2017 lows in June at US $ 42.04 per barrel.

The rise in crude oil prices was bolstered by efforts by organizations of the oil-exporting countries (OPEC) and Russia that will continue to cut production by around 1.8 million barrels per day (bpd) to tighten supply to markets that will eventually drive up global crude oil prices.

OPEC production in October fell 80,000 bpd to 32.78 million bpd. That shows 92% of OPEC's compliance rate with the pledge of reduced supply to the world oil market. Russia is also adherent to cut production by 300,000 bpd to 11,247 million bpd.

According to data from global oil market trading, oil supply to the world market tightened in the fourth quarter of this year. It encourages increased use of fuel reserves.

Factors that disrupt global supplies are the battle in Iraq and the sand storms that the United States is experiencing. As a result, supply to the global oil market is tightening and the condition is expected to last until 2018. (Abraham Sihombing)

News Comment

Today's Industry

Dr Paul Gardner-Stephen, Senior Lecturer, College of Science and Engineering, Flinders University (Photo by ICT Days)

Kamis, 24 September 2020 - 15:15 WIB

NBN Co to Spend $3bn Upgrading Half of FTTN Network to Full Fibre

In particular, the original Fibre-To-The-Premises (FTTP) plan had several key advantages that this announcement is not able to solve.

Rena Chua, Bug Bounty Advisor at HackerOne (Photo by Linkedin)

Kamis, 24 September 2020 - 14:15 WIB

How COVID-19 Is Impacting Security

With this accelerated pace of digital transformation, CISOs had to quickly facilitate new needs — while ensuring the security of existing systems and newly-acquired collaboration tools.

Ilustration Asia-Pacific’s First and Largest Collaborative Robots Virtual Expo (Photo by Universal Robots)

Selasa, 22 September 2020 - 17:00 WIB

Universal Robots Hosts First Virtual Collaborative Robots Exhibition & Conference in Asia-Pacific

Gain actionable insights on flexible and cost-effective automation solutions addressing post-pandemic ROI and safety challenges for small & medium businesses.

Published BSIMM11, The Latest Version of The BSIMM (Photo by EEJournal)

Senin, 21 September 2020 - 18:30 WIB

Synopsys Publishes BSIMM11 Study Highlighting Fundamental Shifts in Software Security

BSIMM11 reflects the software security practices observed across 130 firms from multiple industry verticals including financial services, FinTech, independent software vendors, cloud, health…

New Cloud-Based Technology That Delivers Secure Remote Access (Photo by News Break)

Senin, 21 September 2020 - 17:15 WIB

Check Point Software Technologies Redefines Secure Remote Access for Enterprises

This technology will integrate with Check Point´s Infinity architecture, and become the easiest and most secure solution for enterprises need to enable employees´ secure remote access to any…