Analysts and workers in the petroleum sector reported, through an analytical report by Reuters, that abundant supplies of some high-quality grades of crude oil reduce the impact of conflicts in the Middle East on futures prices. Brent crude futures briefly reached $92 per barrel last week; Which is considered the highest since October.

Although this rise had a negative impact on governments facing increased inflation and fuel prices, the lack of supplies could have led to more serious consequences. The conflicts in the Middle East, which is considered the largest oil-producing region in the world, did not significantly affect its supplies.

In a related context, Tamas Varga of BVM Oil Brokerage said, “Without actual problems in supply and production, the market will face difficulties in exceeding the highest level of demand during the year, which it reached at the end of last week.” Some of the highest crude grades indicate a decline in prices; The premium for Fortis crude declined in the physical market for North Sea crude compared to the latest price recorded by the benchmark Brent crude.

Nigeria, Africa's largest crude exporter, is facing difficulties in selling cargoes scheduled for loading in May. Some sellers reduced offers this week. The price of Brent crude rose last Friday, driven by reports of an Israeli attack on Iran, but prices remained below the peak they reached last Friday.

Analysts believe that the OPEC+ alliance’s possession of surplus production capacity contributes to keeping oil prices under control, in addition to the supply not being significantly affected. Signs of price weakness indicate a change in the upward trajectory seen in February; Libyan oil production increased and US crude exports to Europe increased.

OPEC+'s spare production capacity provides some room in the event of an actual supply outage, and the International Energy Agency estimates OPEC+'s spare capacity at about six million barrels per day, equivalent to about six percent of global demand.