A review of global crude prices on Oil Price late on Thursday, September 14, showed that Brent crude surged to $94 per barrel, driven by growing concerns over tight supply conditions.
This spike in oil prices comes in the wake of earlier reports highlighting the impact of oil production cuts in Saudi Arabia and Russia, which have contributed to the recent upward trajectory in oil prices over the past few weeks.
Remarkably, Brent crude has now reached its highest price point since the commencement of the year 2023.
Nairametrics previously reported that Saudi Arabia and Russia had made the decision to prolong their oil production cuts until the conclusion of the year 2023.
At the time of their initial announcement in July 2023, Brent crude was hovering around $76 per barrel.
It is noteworthy that the current price has surged significantly, with Brent crude now firmly maintaining its position at $94 per barrel, marking a remarkable and impressive leap in value.
Meanwhile, as of Friday, September 15, 4 AM (GMT+1), Brent crude was $94.31 per barrel.
Reuters reports that the price increase on Friday is based on the decision by China to cut banks’ cash reserve requirements to boost its economic recovery, as well as on expectations that major global interest rate hike cycles were nearing their end.