The Brent crude oil declined slightly after the strong rise of the Monday

Iran maintains the pulse with the U.S. with the seizure of another vessel in OrmuzTrump says that it is "ready" to respond to Iran by attacking the oil refine

The Brent crude oil declined slightly after the strong rise of the Monday
Iran maintains the pulse with the U.S. with the seizure of another vessel in OrmuzTrump says that it is "ready" to respond to Iran by attacking the oil refineries of Saudi SaudíEl price of oil Brent is fired after the attacks on the refineries in Saudi Arabia

The price of a barrel of Brent oil for delivery in November opened this Tuesday in the futures market of London a slight drop of 0,53% after the strong rise of the Monday attacks on oil facilities saudi. The crude from the North sea , of reference in Europe, was listed in the International Exchange Futures to 68,65 dollars, 0,37 dollars less than at the end of the previous day.

The drone attacks, which are blamed the hutíes Yemeni, Saturday, reduced the production of Saudi Arabia in close to 5.7 million barrels per day, which represents around 5% of the pumping global.

After the attacks, the black gold came up yesterday morning to almost 20% in the price of electronics, which led to the president of the united States, Donald Trump, to authorise the release of oil reserves of his country, and, if necessary, to ensure the world's supply.

Washington has blamed Iran for the crackdown on refineries saudi and accuses Tehran of carrying out "a deliberate attack against the global economy". The offensive of the hutíes, aligned with Iran, threatens to keep upward pressure on oil prices.

The state-owned oil company saudi Aramco, which owns the refineries attacked, has ahead of time that it will take several weeks to restore operations , which can have a strong impact on the global supply of crude oil.

In the London market, the rise of Brent oil has benefited the oil companies, whose stocks went up Monday nearly 2%.

"A well-supplied market"

For its part, the us secretary of Energy, Rick Perry, has entrusted this Tuesday in Vienna that the world oil market follow a well-stocked despite the fall in production in Saudi Arabia after an attack on their refineries, and reiterated that it is early to use the Strategic Petroleum Reserve (SPR).

"The president (Donald Trump) has told me that, if necessary, release oil from the SPR to compensate for possible interruptions (supply). But seeing the data supply we are confident that the market remains well supplied," said Perry in a meeting with a small group of journalists.

the head of The department of Energy said that the oil market today is tougher than ten years ago, so that you can tackle this situation in best conditions.

"This market is considerably more elastic, flexible and resistant, which makes them less dependent on the actions of militias or oil-rich countries, such as Iran or Venezuela," he said.

Currently, the US has reserves of 645 million barrels for cases of emergency , as explained by Perry, who said that Saudi Arabia also boasts 188 million barrels in its inventory.

Three scenarios

The consultancy Capital Economics has drawn three possible future scenarios. In the first, he considers the most likely, Aramco would reset the pump next week , with the price of Brent would return to a level around 60 dollars per barrel.

If you take "months" to solve the problem , the crude could climb to $ 85 per barrel, according to that firm, that in the case of tensions resulting in military conflict open considers the possibility that the price were to shoot up to 150 dollars per barrel before the end of the year.

The price increase benefits to oil companies and ancillary industries of the sector, but can hit at the same time the economies of oil-importing countries, as well as other companies dependent on the purchase of petroleum products.

"Airlines and tour operators, which depend on the price of crude oil for flying, for their fuels, will be hit hardest in the negative aspect," said to Efe Aitor Méndez, an analyst of IG Markets.

"At these levels it is expected that the market store to stabilize, to find a point of stability to Saudi Arabia to return to production," said Mendez, for whom the "seizure" in the Gulf Region may cause also "new tensions in the price of crude oil".

Updated Date: 17 September 2019, 13:01

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