Crude Oil Price Hits Record High as Iran Sanctions Tighten Supply Outlook

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Oil prices steadied near three and a half-year high yesterday at $77.47 a barrel as the prospect of new United States sanctions on Iran tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand.This is coming as Forte Oil Plc at the weekend announced the signing of an agreement with Chevron Lubricants, Europe, Middle East and Africa, which will make Texaco-branded lubricants and engine oil available at Forte Oil Filling Stations in Nigeria The United States plans to reintroduce sanctions against Iran, which pumps about four per cent of the world?s oil, after abandoning a deal reached in late 2015 that limited Tehran?s nuclear ambitions in exchange for the removal of US and European sanctions.

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