Executive Secretary of COPEC Ghana, Duncan Amoah has revealed that Gulf tensions between the US and oil-producing countries are also adversely affecting our oil market. He further said anytime tensions mounted in the region, it results in soaring the oil prices in global markets.
Executive Secretary of the Chamber of Petroleum Consumers further assured that they are monitoring the situation mindfully to save the local fuel market from these tensions. Oil prices soared on Monday, buoyed by anticipations of development in US-China trade negotiations. US-China officials meet recently to reach on an agreement to end a long-lasting trade row between two world economies.
Meanwhile, Iraq, 2nd largest producer of oil in OPEC, is experiencing deadly anti-government unrest. If the unrest persists for weeks then 3.43 million barrels per day oil exports in Iraq will affect. The oil disruption at that time when Saudis already missed an important part of energy system redundancies will further make the situation worse.
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