The price of fuel oil in the world market has exceeded 100 dollars. This is the highest in the last three weeks. Oil prices have increased in the world market mainly due to OPEC Plus, the organization of oil exporting countries, deciding to reduce oil supply and several branches of the main oil refineries of the United States becoming ineffective. News Reuters.
On Thursday, the price of Brent crude oil per barrel in the international market increased by 4.4 percent to 101.67 dollars. On Monday, the price was $95.55.
And the price of West Texas Intermediate (WTI), another benchmark of crude oil, rose 3.3 percent to $95.21 per barrel, which was $89.65 on Monday.
Earlier on Wednesday, the leading member of OPEC Plus, the energy minister of Saudi Arabia, said that due to the slowdown in the market, various member states of the alliance have planned to reduce oil production. After that, the price of oil increased.
However, due to the US sanctions against Iran, a member of OPEC Plus, various complications are being created for the supply of fuel oil from the country to the world market. International analysts believe that the crisis will continue until the nuclear control agreement is not fully implemented. The price of oil may come down significantly if the supply of fuel oil from Iran starts.
Meanwhile, fuel prices in the country have risen as major oil refineries in the US have been damaged. Due to an electrical disturbance, the operations of the main US oil refining company Whiting Refinery in the state of Indiana are closed. As a result, due to reduced supply of oil, experts believe that the price of crude oil has increased in the world market.
(Dhaka Times / 26 August / OF / MOA)