Oil rose after political turmoil in some OPEC+ member countries.
Despite OPEC+’s decision to increase production during the week, oil continued to rise due to the expectation that markets would experience tightness in oil supply after the events in Kazakhstan and Libya.
After the turmoil in the country, Kazakhstan’s largest oil producer stated that the production in the vast Tengiz field was affected, while production problems in Libya continued. Oil markets entered an upward trend and signaled that there might be a supply shortage in the future.
OPEC+ decided to increase production by 400,000 barrels per day for February at its monthly meeting this week, but it seems difficult to reach this figure due to the failure of some members to meet their targets. In Libya, militia-initiated events hurt oil production, while Russia failed to boost production numbers last month.
West Texas Oil for February delivery rose 0.8 percent to $80.07 on the Nymex market.
Brent Oil for March delivery rose 0.6 percent to $82.51 on the London ICE Futures Europe market.
