ECONOMIC IDEAL – Kuala Lumpur, Nov 7, IRNA — A Malaysian media outlet report oil price decline due to adequate supply in the world markets and exemption of a number of countries from the US sanctions list has caused the largest global customers to continue to buy oil from Tehran.
The price of Brent crude oil on the world market was $ 71.85 a barrel, down 28 cents from previous days, according to a New Strait Times on Wednesday.
Malaysian media from Singapore continued, ‘West Texas-based crude oil was down 45 cents yesterday’.
Brent crude oil reached $ 86 a barrel on the eve of Iran's oil sanction early October.
According to the international media, Russia, the United States and Saudi Arabia, the three major oil producers in the world produced about 33 million barrels of crude oil per day in October, bringing them into global markets.
According to the report, the three countries produce a total of about one third of the 100 million barrels of daily global oil consumption.
Iraq, the second-largest producer of oil at OPEC, said that by 2019, after Saudi Arabia, the largest oil production in the organization with five million barrels per day will belong to this country.
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Source : I R N A