Gas pulling oil price up further – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
Gas pulling oil price up further – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
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THE oil price today is nearing $100 per barrel, and it seems as though it could go up further in the coming months with the approach of winter season, and the tightening of gas supply as well as oil supply from Russia. Russia has so far not been much hurt by the boycott of its oil supply by Europe, as it opened its valve to the Asian market with huge discounts.
Its oil export volume has fallen by 2.2 million but was replaced through exports mainly to China, India, and Turkey with a hefty discount of $30 per barrel. It is still not clear as to why gasoline prices in the USA are hitting $4 a gallon, but there is no doubt that it will go up shortly.
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