International oil prices fell on Tuesday as more crude oil is again being exported from the Middle East. Nevertheless, prices remain high. Investors are taking into account new supply disruptions due to the war around Iran.
The price of Brent crude, an important benchmark for the global market, stood at US$103.32 per barrel at 13:06 GMT on Tuesday. That was US$1.96 lower than a day earlier. US WTI crude had fallen to US$90.65 per barrel at that time. Despite the decline, Brent crude was heading for an increase of about 14 percent over September, according to Reuters.
The decline followed signs that oil supplies from the region are recovering. Saudi Arabia has resumed loading oil at the Red Sea port of Yanbu, after the East-West pipeline was brought back into operation. Preliminary figures from data company Kpler indicate that exports from major oil producers in the Middle East rose to 12.8 million barrels per day in September, the highest level since February.
Uncertainty surrounding the war meanwhile continues to weigh on the oil market. US and Iranian officials have separately spoken with mediators about ending the conflict, but no breakthrough has yet been reported. As a result, traders continue to take into account the risk that oil supplies could be disrupted again.
For Suriname, the development is relevant because of the possible effects of international oil prices on fuel costs and the wider economy. However, this price movement does not directly mean that pump prices in Suriname will change.
