ISLAMABAD
\nCrude oil prices eased on Thursday after the United States lifted sanctions on Venezuela\u2019s oil industry.
\nAs of 1035 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, shed $1.47 (-1.61 percent) to reach $90.03 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, went down by $1.22 (-1.38 percent) to $87.10 a barrel.
\nHowever, the price of Russian Sokol increased by $1.65 (+1.99 percent) to $84.47. Arab Light prices witnessed an increase of $1.63 (+1.74 percent) to reach $95.07 a barrel.
\nOn the other hand, the price for Opec Basket decreased to $92.65 a barrel with a decrease of $0.58 (-0.62 percent). The 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.
\nAn increase in Venezuelan production and exports could also help ease the tight global oil supply.
\nOn Wednesday, the United States lifted sanctions on Venezuela\u2019s oil industry after the Nicolas Maduro government reached a deal with the opposition that could see elections held next year. The US issued a six-month general license temporarily authorizing transactions involving the oil and gas sector in Venezuela. The license will be renewed only if Venezuela meets its commitments under the so-called electoral roadmap, the US Treasury noted.
\nThe license, valid until April 18, 2024, authorizes the production, lifting, sale, and exportation of oil or gas from Venezuela, and the provision of related goods and services, as well as payment of invoices for goods or services related to oil or gas sector operations in Venezuela. Authorization is also granted to new investment in oil or gas in Venezuela and to the delivery of oil and gas from Venezuela to creditors of the government of Venezuela, including creditors of PdVSA entities, for the purpose of debt repayment.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Crude oil prices eased on Thursday after the United States lifted sanctions on Venezuela\u2019s oil industry. As of 1035 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, shed $1.47 (-1.61 percent) to reach $90.03 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, went down […]<\/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-362697","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n