Oil continues to rise in price, Brent is above $117 per barrel, WTI is at its highest since 2011
15:12 03.03.2022 13092
On Thursday, oil prices continue to rise, renewing new highs.
Large foreign buyers are boycotting Russian oil because of the situation around Ukraine, trying to find alternative sources of supplies, which is likely to contribute to further price increases, Interfax reports.
The price of May futures for Brent oil on the London ICE Futures exchange by 08:10 Moscow time on Thursday is $117.26 per barrel, which is $4.33 (3.83%) higher than the closing price of the previous session. As a result of trading on Wednesday, these contracts rose by $7.96 (7.6%) to $112.93 per barrel, which is the highest since June 2014.
The price of futures for WTI oil for April in electronic trading on the New York Mercantile Exchange (NYMEX) is $114.45 per barrel by this time, which is $3.85 (3.48%) higher than the final value of the previous session. On the eve of the cost of these contracts increased by $7.19 (7%), to $110.6 per barrel, which is the highest value at the close of the session since May 2011.
The decision of the International Energy Agency (IEA) to release 60 million barrels of oil from strategic reserves failed to calm market fears.
«There is a real fear that the market will face a supply shortage,» said Kim Kwangrai, a commodity analyst at Samsung Futures Inc. In Seoul. «If the situation in Ukraine deteriorates, we will see a further rally in the oil market».
At the same time, the OPEC+ countries do not intend to accelerate the pace of increasing oil production, on Wednesday they decided to maintain the plan to increase production quotas in April by 400,000 bpd.
During Wednesday's meeting, it was noted that «the current fundamentals of the oil market and the consensus on its prospects indicate a well-balanced market, and that the current volatility is not caused by changes in market fundamentals, but by current geopolitical events».
Following the results of the 5th meeting of the Turkmen-Chinese Committee for Cooperation, a package of documents was signed
On Monday, November 22, a regular, 5th meeting of the Turkmen-Chinese Committee for Cooperation was held. The meeting, organized by videoconference, was chaired by the co-chairman of the Turkmen part of the committee, Vice-Chairman of the Cabinet of Ministers Serdar Berdimuhamedov and co-chairman of the Chinese part of the committee, member of the Standing Committee of the Political Bureau of the CPC Central Committee, Vice Premier of the State Council of the PRC Han Zheng.
US Ambassador to Turkmenistan believes that Caspian gas pipeline will support EU energy security
The creation of a gas pipeline along the bottom of the Caspian Sea from Turkmenistan to Turkey will be beneficial for these countries and will help ensure the energy security of the European Union. This was stated to journalists by US Ambassador to Turkmenistan Elizabeth Rood, TASS reports.
Serdar Berdimuhamedov will discuss development of Turkmen-Chinese cooperation with Vice Premier of the State Council of the People's Republic of China
Today, November 22, a video communication system will be held between the Vice-Chairman of the Cabinet of Ministers of Turkmenistan Serdar Berdimuhamedov and a member of the Standing Committee of the Politburo of the Central Committee of the Communist Party of China, Vice Premier of the State Council of the PRC Han Zheng. This was reported by Xinghua news agency with reference to the official representative of the PRC Foreign Ministry Zhao Lijian.
Turkmenistan launched initiatives to expand partnerships within the framework of the EU-Central Asia format
A regular meeting of the heads of the foreign affairs agencies of Central Asia and the European Union in the «EU – Central Asia» format opened on November 22 in Dushanbe, the website of the Ministry of Foreign Affairs of Turkmenistan reports. The meeting was attended by a delegation of our country led by Deputy Foreign Minister Vepa Khadzhiev.
Turkmenistan joined the Agreement on the establishment of the Global Green Growth Institute
President Gurbanguly Berdimuhamedov signed the law of Turkmenistan «On joining the Agreement on the establishment of the Global Green Growth Institute». The document was published on Monday in the Neutral Turkmenistan newspaper.