(MENAFN) Sharply reduced oil supply in the Middle East due political conflicts in the region has contributed to higher oil prices to reach more than USD100 a barrel against increasing demand, reported Saudi Gazette.
The region's tightening supply came at a rough time, as the North Sea in under prolonged summer maintenance causing supply shortage, also as the Russian Ural crude has been injected to China on high demand at the expense of Europe.
It's worth mentioning that supply losses are forecasted to soar from 700,000 barrels per day (bpd) to hit 1 million bpd if Sudan shuts the oil pipelines, according to Reuters calculations and industry sources.
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