Oil prices rose today amid U.S. sanctions looming over the Iranian oil industry despite U.S. efforts to find key suppliers to offset the expected turbulence.
U.S. crude hit $ 67.86 level today, while Brent crude rose to $ 78.11 a barrel. The United States has been pressing other countries to cut Iranian oil imports as well as close allies such as South Korea and Japan, while India has shown signs of retreat.
In a bid not to see higher oil prices, the U.S. Energy Secretary met with his Saudi counterpart yesterday in Washington, where the United States encourages big oil producers to keep production high before renewing sanctions. The U.S. Energy Secretary will meet with his Russian counterpart on Thursday in Moscow.
Russia, United States and Saudi Arabia are the world's top three oil producers, accounting for one-third of daily crude oil consumption which estimated by 100 million barrels. Their combined production has increased by 3.8 million bpd since September 2014, more than Iran's 3 million barrels peak over the past three years.
