Vladimír Urbánek (Kurzy.cz)
Commodities  |  January 08, 2013 10:26:24

Iranian oil production is the lowest in 25 years


Oil production in OPEC countries fell by Reuters in December to its lowest level in a year. The drop of more than 1.1 million barrels of oil per day from April highs were lower supplies from Iran. You are currently due to U.S. and European sanctions are the lowest since 1988. Iraq and Saudi Arabia meanwhile reduce their production due to weaker global demand. This underlines the current state of the world market, which came into balance. And it would keep short-term oil prices in check, so if no further geopolitical tensions.Brent oil could grow up to $ 115, while the support could be at levels 109.40 and 107.50 dollars per barrel.

Ole Hansen, a commodities analyst at Saxo Bank

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