Oil price breaks seven-year records on supply worries
16:15 19.01.2022 12690
Oil prices continue to rise on Wednesday, renewing the highs since 2014 due to the risks of supply disruptions from the Middle East, Interfax reports.
The price of March futures for Brent oil on the London ICE Futures exchange by 08:11 Moscow time was $88.36 per barrel, which is $0.85 (0.97%) higher than the closing price of the previous session. As a result of trading on Tuesday, these contracts rose by $1.03 (1.2%) to $87.51 per barrel.
The price of futures for WTI oil for February in electronic trading on the New York Mercantile Exchange (NYMEX) by this time amounted to $86.41 per barrel, which is $0.98 (1.15%) higher than the final value of the previous session. By the close of trading the day before, the cost of these contracts rose by $1.61 (1.9%) and amounted to $85.43 per barrel.
The day before, both brands closed at their highest levels since October 13, 2014, according to FactSet data.
Prices are supported by fears of a shortage of fuel in the world market due to supply cuts and the inability of some OPEC countries to increase production to agreed levels, writes Trading Economics.
Meanwhile, on the night of Tuesday to Wednesday, an explosion occurred on the large Kirkuk-Ceyhan oil pipeline connecting Iraq and Turkey, due to which the operation of the pipeline was suspended, media reported. The cause of the explosion has not yet been established. More than 450,000 barrels of oil are pumped through the pipeline every day.
Earlier it became known about the impact of drones on the territory of the UAE, as a result, damage was caused to three oil tanks in Abu Dhabi.
«Global oil benchmarks are rising to levels not seen in almost eight years on low supply forecasts and complications from tensions in the Middle East», Louise Dixon, senior oil market analyst at Rystad Energy, wrote.
The work of the Interdepartmental Commission on the Caspian Sea was discussed at the Ministry of Foreign Affairs of Turkmenistan
The 63rd meeting of the Interdepartmental Commission of Turkmenistan on the Caspian Sea was held at the Ministry of Foreign Affairs on February 23. The meeting was attended by the relevant Vice-Chairmen of the Cabinet of Ministers of the country, the Director of the Caspian Sea Institute, heads of a number of ministries and specialized departments.
Products of oil refineries were sold at the auction
Last week, 35 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan.
The President of Turkmenistan and the Vice President of the UAE noted the active dynamics of cooperation in the energy, oil and gas and other spheres
The development of bilateral cooperation was discussed at a meeting on February 21 between the President of Turkmenistan Serdar Berdimuhamedov and the Vice President, Deputy Prime Minister, Minister of the Presidential Administration of the United Arab Emirates Sheikh Mansour bin Zayed Al Nahyan, who arrived in our country on a visit, TDH reports.
Dynamic development of national investments is carried out at the fields of Turkmenistan
Vice-Chairman of the Cabinet of Ministers Shakhym Abdrakhmanov, during an extended meeting of the government last Friday, reported on the work carried out by the oil and gas complex to increase oil and natural gas production, as well as the timely development of national investments in the coming years.
Liquefied gas and jet fuel were sold abroad at the auctions, and polypropylene and base oil were sold to the domestic market
27 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan last week.