Oil prices extended gains for a fourth consecutive day in Asian trading on Tuesday amid supply disruption risks in Iran.
Iran, a major producer in the OPEC group, is facing the biggest anti-government protests in years.
According to Bloomberg, exports are expected to be 800,000-900,000 barrels per day, which is about 45% less than initial expectations.
Meanwhile, Venezuela, another OPEC producer, is preparing to resume oil exports after a period of disruption. Following political changes in Venezuela and President Nicolás Maduro’s inauguration, the US president said last week that Caracas would supply up to 50 million barrels of oil to the United States. This move could eventually add more oil back into the global market.
