The world price of oil today, 22 January 1403; Oil rose
reported by %20%0A
The Biden administration has imposed new sanctions against Russian oil producers, tankers, middlemen, traders and ports, to all stages Moscow’s oil production and distribution chain will hit.
The price of a barrel of Brent North Sea oil today increased by 2 dollars and 84 cents, equivalent to 3.69%, to 79 Dollar and 76 cents arrived. Texas Intermediate oil West also increased by 2 dollars and 65 cents, equivalent to 3.59%. It is traded at 76 dollars and 57 cents.
According to some sources active in the Russian oil trade and Indian refinery resources, these sanctions will severely disrupt Russian oil exports to its main buyers, India and China.
Analysts believe that these sanctions will reduce the volume of Russian oil exports and increase its price.
The timing of the implementation of these sanctions, just a few days before the start of Donald Trump’s presidency, probably makes Trump maintain the sanctions and use them as a negotiating tool to reach a peace agreement with Ukraine.
Severe cold in America and Europe has increased the demand for oil for heating and has been another factor in strengthening oil prices.
Analysts of investment bank JP Morgan forecast global demand for oil at 1.6 million barrels per day in the first quarter of 2025. Due to the increase in the demand for heating oil.
