According to the latest statistics, the crude oil price is exhibiting a steep trend and the high prices are worrying. Critics argue that this is partly because of Saudi Arabian’s influence. The oil kingdom has been stressing that OPEC is going to maintain the oil production cuts and the results are higher oil prices. To explain the price trend, Matt Badiali looks at the possible reason for these developments. According to Matt, the rise in crude oil price is partly related to the demand for refined oil and US distillate. Early this year, export of oil to Europe was high and records were registered between May and July.
Nonetheless, US oil exports to the rest of America is higher this year than last year. There has been a massive demand for oil in Mexico, Central America, and South America. Last year, about 228,000 barrels were exported to Mexico per day and 183,000 to Brazil. This is higher if compared to exports made to Europe. For instance, Netherlands received 102,000 barrels a day. Overall, Matt Badiali argues that the increase in oil price is as a result of an increased demand for oil in Europe and America.
About Matt Badiali
Matt Badiali is a Senior Editor and writer at Banyan Hill publishing. He is considered as an effective expert in the fields of Agriculture, Mining, and Energy. He possesses two decades of first-hand experience in natural resource. Having carried research in the field, Matt has traveled around the globe and interviewed great investors and CEO’S. He has also taught Geology to students at the University of North Carolina and Duke University. Academically, Mr. Badiali possesses a master degree in Geological science from the University of Florida Atlantic. This has seen him give detailed insights about geology and hydrology in his regular publications at Banyan Hill publishing.
Overall, Matt Badiali is an impressive writer and editor. His experience in natural resource makes him effective in providing insights on issues relating to Energy, Mining, and Agriculture. Today, Matt has an influence on readers and many look up to him for direction and revelations on the latest development in the natural resource sector.
— Matt Badiali (@Matt_B_Guru) October 31, 2017