US President Donald Trump's decision to exit an international nuclear deal with Iran and revive sanctions on the OPEC member country, as well as Venezuela's plummeting output, has helped to lift oil prices to their highest since 2014.
The 30% recovery in crude prices since February has given strong tailwind to oil companies such as BP, whose profits recovered last year after a three-year slump in the market.
The US Energy Information Administration this month boosted its forecast of growth in domestic crude production in 2018 to an all-time high of 11.17 million bpd, as shale drillers accelerate activity.
Published Date: May 18th, 2018 05:28 PM | Updated Date: May 18, 2018 05:28 PM IST
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