ISLAMABAD
\nOil prices surged on Thursday after the International Energy Agency (IEA) said that Opec+ production cuts would result in a large crude supply deficit in the fourth quarter of this year.
\nAs of 1330 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, gained $1.30 (+1.41 percent) to reach $93.18 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $1.29 (+1.46 percent) to $89.81 a barrel.
\nSimilarly, the price of Russian Sokol increased by $0.42 (+0.49 percent) to $86.38. Arab Light prices witnessed an increase of $0.55 (+0.58 percent) to reach $96.20 a barrel. On the other hand, the price for Opec Basket surged to $94.09 with an increase of $0.97 (+1.04 percent).
\nThe OPEC Reference Basket of Crudes (ORB) is made up of Saharan Blend, Girassol, Djeno, Zafiro, Rabi Light, Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny Light, Arab Light, Murban and Merey.
\nThe International Energy Agency (IEA) said on Wednesday that oil prices are set for a surge in volatility amid an expected \u201csignificant supply shortfall\u201d on the market in the fourth quarter of 2023, due to the Saudi-led cuts to OPEC+ oil supply. So far this year, higher crude oil production from countries outside the OPEC+ alliance has managed to offset part of the OPEC+ cuts.
\n\u201cBut from September onwards, the loss of OPEC+ production, led by Saudi Arabia, will drive a significant supply shortfall through the fourth quarter,\u201d the IEA said on Wednesday in its closely-watched Oil Market Report for September.
\nOil prices traded in relative calm during August, with volatility at multi-year lows, the IEA said. But a calm August was followed by the announcements of extensions of the supply cuts in early September, which sent prices and volatility higher. Volatility could further increase through the end of this year, according to the agency.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Oil prices surged on Thursday after the International Energy Agency (IEA) said that Opec+ production cuts would result in a large crude supply deficit in the fourth quarter of this year. As of 1330 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, gained $1.30 (+1.41 percent) to reach $93.18 a […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-356036","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n