Washington/Singapore, Sep 25 (UNI) Oil prices in the international markets on Tuesday were almost four-year high as US sanctions against Iran continues and Saudi Arabia and Russia ruling out to boost oil production.
On Tuesday, the price of brent crude future increased by 0.3 per cent and touched $81.45 per barrel, the highest level since November 2014. On Monday, the price was $81.48.
US President Donald Trump administration had urged Organisation of the Petroleum Exporting Countries (OPEC) to increased the oil output to maintain market balance but OPEC group has showed it’s “unwillingness”, Sky news reported.
Trump said last week that OPEC “must get prices down”.
Saudi Arabia dominates the OPEC group of oil-producing nations and Russia is its biggest oil-producer ally outside the group. Iran is the third largest producer in OPEC.
The US has announced that from November 4, it will target Iran’s oil exports with sanctions. The Trump administration is putting pressure on its trading partners and others to cut purchases from Tehran.
However, several countries including European Union has expressed strong disagreement with US, and continues to trade with Iran.
Meanwhile, Britain, China, France, Germany, Russia and Iran on Tuesday said they were determined to develop payment mechanisms to continue trading despite the sanctions by the US.
Trump in May this year withdrew the US from the Iran nuclear deal and ordered the re-imposition of US sanctions against Tehran that were suspended under the 2015 accord.
Some sanctions took effect after a 90-day “wind-down” period, which ended on August 6, and the rest, most notably on the petroleum sector, will come into effect after a 180-day “wind-down period” ending on November