Sep 25, 2018, 4:48 PM
News Code: 83044034
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Oil price rises in world markets

Tehran, Sept 25, IRNA – The price of Brent crude hit a record high 80 dollar per barrel as the members of Organization of the Petroleum Exporting Countries (OPEC) oppose increasing the production.

Brent crude oil price reached 81 dollar on Tuesday, which is its highest since November 2014, reported Reuters.

US government has arranged to remove Iran, an influential OPEC member, from the world oil market.

Economic experts say that banning Iran’s oil exports due to will incur disruptions to global oil market including supply shortage and high prices.

US President Donald Trump unilaterally withdrew Washington from the Iran nuclear deal, formally known as the Joint Plan of Action (JCPOA) and re-imposed sanctions on Iran.

Trump has asked other countries to halt oil imports from Iran or face US retaliatory measures.

He is pressing OPEC members to increase output presumably to compensate for the shortage caused following removal of Iran's oil export.

This is while OPEC and non-OPEC oil producers was defiant to Trump’s urge to reduce the prices and refused to increase the oil supply.

The Europe’s base oil price also stills around 80 dollar per barrel where West Texas Intermediate (WTI) was sold over 72 dollar per barrel with a 0.3 percent increase.

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