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Terror attacks contributing to climb in oil prices

The Royal Bank of Canada says sabotage to key pipelines in oil-rich north Africa has affected daily supply.

Barrels of crude oil. Picture: Freeimages
oil,oil prices,crude oil prices,higher crude oil prices,high oil prices
Business Local World

JOHANNESBURG – Increased terror attacks are apparently contributing to a climb in oil prices.

Brent crude dropped to just above $26 a barrel last month but has since climbed to around $40 a barrel.

A freeze in global supply has sent oil prices climbing, with Saudi Arabia and Russia cutting output.

But there is a more sinister factor causing a cut in production.
 
The Royal Bank of Canada says sabotage to key pipelines in oil-rich north Africa has affected daily supply.

The bank says sabotage has driven global supply outages to elevated levels.

It has cited the bombing of a pipeline in Nigeria, which resulted in 250,000 barrels being removed from daily production. 

Oil producers have indicated that they plan to cut production further in the coming months.

(Edited by Refilwe Pitjeng)

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