Wednesday’s slight increase in the price of Basra Heavy and Basra Intermediate crude oils was in line with the worldwide increase in oil prices.
Basra Heavy crude oil saw a price rise of 54 cents to $77.84, while Basra Intermediate crude oil saw a price increase of the same amount to $81.14.
This occurs at a time when investors are weighing worries about major producers cutting back on output, assaults on shipping boats in the Red Sea, and muted expectations for a US interest rate decrease. As a result, oil prices have increased internationally.
Reuters reports that the Houthis of Yemen, who are affiliated with Iran, have been attacking ships in the Red Sea and Bab al-Mandab strait in support of the Palestinians, which has increased worries about the movement of freight through the vital waterway. Since Friday, at least four vessels have been struck by missile and drone attacks.
A request for an urgent humanitarian ceasefire was blocked as Washington once more rejected a draft resolution on the Israel-Hamas conflict by the UN Security Council.
Rather, the United States is pressing the Security Council to approve a resolution that links a cease-fire to Hamas’s release of Israeli hostages.
In the meanwhile, Russia announced on Tuesday that it plans to meet its quota for the Organization of Petroleum Exporting Countries and its allies (OPEC+) in February even if oil refining is declining. Russia had committed to reducing output by 500,000 barrels per day (bpd) as part of a package of cutbacks with these countries.
Russia’s energy minister said on Tuesday that refinery throughput has decreased by 7% since the year’s beginning as a result of facilities being harmed by drone assaults from Ukraine.
