”The escalating conflict between Israel and Iran has caused the price of crude oil to rise significantly. What does this mean for the oil market? We answer the most important questions. The conflict between Israel and Iran escalated last Friday with Israeli attacks on nuclear facilities and military targets in Iran. Oil prices rose significantly as a result, with the price of a barrel of Brent crude increasing by up to 13% to just over USD 78 per barrel on Friday. This is due to concerns that the conflict could jeopardise a sufficient supply of crude oil for the global economy. What role does Iran play on the oil market? Iran recently produced around 3.3 million barrels of crude oil per day according to various surveys. There is no official data on Iran’s oil exports and their customers due to the ongoing international sanctions. According to data from Bloomberg, Iran recently exported just under 1.7 million barrels a day, a good half of which probably went to China. This corresponds to around 4% of global crude oil exports.”
Morten W. Langer
