Global Oil Prices Rise by 12-13%

Following a reduction in oil production in Saudi Arabia, global oil prices have increased by an average of 12-13%. This information, reported by the RIA Novosti agency, is supported by auction data. The maximum increase has reached 19%.

Thus, the price of November futures for Brent crude opened at $67.80 per barrel and surged to $71.62. Meanwhile, the price for November futures of WTI crude started at $60.09 and rose to $63.47.

Saudi Arabia is the largest oil-exporting country and one of the three largest oil producers. Following an attack on the country’s oil facilities on Saturday, it has significantly cut its production, which has resulted in a global price increase of an average of 12-13%. The responsibility for the attack has been claimed by the Houthi rebels in Yemen. However, the United States blames Iran.