EnergyWatch

Oil price starting to move toward USD 70 again

It is not quite there yet, but after a dive around New Year, the oil price is now moving past USD 65 per barrel and is thus inching closer to the USD 71 per barrel which was the average price last year. Good for offshore investments. Bad news for shipping.

Photo: Bloomberg

Even though the US is breaking one output record after another month by month, the country's shale boom is not strong enough to derail OPEC and force the price down.

In addition to the fact the organization of petroleum exporting countries has pushed through a significant output reduction, one should also take into account the embargo on Iran as well as the uncertainties arising from the political turmoil in Venezuela in order to understand how the price of a barrel of North Sea oil is developing a month and a half into 2019.

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