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The risk of oil supply disruptions in places like Venezuela, Africa and Iran sparked expectations of tightening in markets, leading to a rise
in oil prices on Tuesday, Singapore reported.
International Brent crude futures were trading at $76.
51 a barrel, up 30 cents, or 0.
4 percent
, from the last close.
U.
S.
West Texas intermediate crude futures rose 24 cents, or 0.
4 percent
, to $69.
11 a barrel.
The OPEC Monitoring Committee found that oil producers involved in the supply reduction agreement, including non-OPEC member Russia, cut production by 9% in July, exceeding the requirement
.
The International Energy Agency (IEA) warned on Monday that further disruptions to supply, particularly from Venezuela, as the country's economic crisis has severely affected oil production
in OPEC members.
Venezuela's crude oil exports have halved in the past two years, to just 1 million b/d
by mid-2018, according to trade flow data.
Speaking to Reuters in Norway on Monday, IEA Executive Director Fatih Birol said: "We expect a further decline
in supply.
”
Birol also warned that despite some recent improvements, Africa's OPEC members Libya and Nigeria "still appear to be fragile states.
"
The risk of oil supply disruptions in places like Venezuela, Africa and Iran sparked expectations of tightening in markets, leading to a rise
in oil prices on Tuesday, Singapore reported.
International Brent crude futures were trading at $76.
51 a barrel, up 30 cents, or 0.
4 percent
, from the last close.
U.
S.
West Texas intermediate crude futures rose 24 cents, or 0.
4 percent
, to $69.
11 a barrel.
The OPEC Monitoring Committee found that oil producers involved in the supply reduction agreement, including non-OPEC member Russia, cut production by 9% in July, exceeding the requirement
.
The International Energy Agency (IEA) warned on Monday that further disruptions to supply, particularly from Venezuela, as the country's economic crisis has severely affected oil production
in OPEC members.
Venezuela's crude oil exports have halved in the past two years, to just 1 million b/d
by mid-2018, according to trade flow data.
Speaking to Reuters in Norway on Monday, IEA Executive Director Fatih Birol said: "We expect a further decline
in supply.
”
Birol also warned that despite some recent improvements, Africa's OPEC members Libya and Nigeria "still appear to be fragile states.
"
