Oil prices rise ahead of OPEC+ meeting
20:06 05.05.2022 4820
Oil prices continue to rise on Thursday after a 5% jump the day before amid plans for the EU to impose an embargo on fuel imports from Russia, Interfax reports.
The focus of traders is the OPEC+ meeting, which is expected to result in a decision on a small increase in production.
Experts from the OPEC+ technical committee recommended adhering to the alliance's plan to increase the oil production quota by 432,000 barrels per day in June, sources familiar with the situation told Interfax.
An OPEC+ Ministerial Committee will be held on Thursday to review the report of the technical committee and make recommendations for a full-scale OPEC+ ministerial meeting scheduled for the same day.
The price of July futures for Brent oil on the London ICE Futures exchange by 8:15 Moscow time on Thursday was $110.86 per barrel, which is $0.72 (0.65%) higher than the closing price of the previous session. As a result of trading on Wednesday, these contracts rose by $5.17 (4.9%) to $110.14 per barrel.
The price of futures for WTI oil for June in electronic trading on the New York Mercantile Exchange (NYMEX) by this time amounted to $108.25 per barrel, which is $0.44 (0.41%) higher than the final value of the previous session. The day before, the cost of these contracts increased by $5.4 (5.3%) to $107.81 per barrel.
As the head of the European Commission Ursula von der Leyen said on Wednesday, the EC considers it necessary to ban the import of all Russian oil by the EU countries within the framework of the upcoming sixth package of sanctions against the Russian Federation.
Bloomberg also reported that European countries may prohibit their companies from providing services to Russia in the transportation of its oil, including insurance services.
«The upturn in the market is much weaker than one would expect due to the possibility of such a serious decline in oil supply», Daniel Hines, commodity analyst at Australia & New Zealand Banking Group, said. “Sanctions are likely to lead to a reduction in supply for the foreseeable future, with China taking control of the current outbreak of COVID-19 and easing restrictions. This will create a difficult situation for the market,” Bloomberg quoted Hines.
Hero-Arkadag and Recep Erdogan noted the rapid development of bilateral cooperation
On Sunday, March 30, a telephone conversation took place between the National Leader of the Turkmen people, Chairman of the Halk Maslahaty of Turkmenistan Hero-Arkadag Gurbanguly Berdimuhamedov and the President of the Republic of Turkey Recep Tayyip Erdogan, TDH reports.
Over 320 billion cubic meters of Turkmen gas supplied since the start of operation of the Turkmenistan-China gas pipeline, – CNPC
Since the opening of the transnational Turkmenistan-China gas pipeline in 2009, over 320 billion cubic meters of Turkmen gas have been exported to the Celestial Empire. General director of the branch of the National Petroleum Corporation of China (CNPC) Chen Huailong stated this, the Watan news program of the Turkmen television reported.
OPEC will be headed by a representative of Kuwait from August
At an extraordinary meeting of OPEC, the ministers elected a new secretary general of the organization – from August 1, 2022, Haitham Al-Qais from Kuwait was elected for a period of three years, Interfax reported.
Modern Information and Analytical Center for sustainable energy development has been opened in Turkmenistan
Today, March 26, the grand opening of the Information and Analytical Center was held at the Natural Gas Research Institute of the State Concern "Turkmengas". The center is equipped with the latest IT equipment purchased with the support of the European Union project "Green Development of Turkmenistan: Policy Dialogue and Climate Action for 2024-2028", funded by the European Union and the German Foreign Ministry and implemented by GIZ.
Preparations are underway for the 8th meeting of the Turkmen-Romanian Working Commission on Cooperation in the Energy Sector
On March 27, President of Turkmenistan Serdar Berdimuhamedov held a regular meeting of the Cabinet of Ministers via a digital system, the agenda of which included a number of issues of state life, TDH reports.