Oil prices continue to rise, Brent rose to $111.3 per barrel
21:04 06.05.2022 8484
Oil prices continue to rise on Friday on continued fears that the market will face a shortage of supply.
According to Interfax, the OPEC+ countries voted yesterday to maintain the plan to increase the quota for oil production in June by 432,000 barrels per day. However, despite the systematic increase in quotas since August 2021, the OPEC+ countries cannot reach the permitted level of oil production. According to the results of March, they lag behind in production by 1.45 million bpd.
The cost of July futures for Brent oil on the London ICE Futures exchange by 8:15 Moscow time on Friday was $111.3 per barrel, which is $0.4 (0.36%) higher than the closing price of the previous session. As a result of trading on Thursday, these contracts rose by $0.76 (0.7%) to $110.9 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 $108.6 per barrel, which is $0.34 (0.31%) higher than the final value of the previous session. The day before, the cost of these contracts increased by $0.45 (0.4%) to $108.26 per barrel.
European countries, meanwhile, are preparing to limit oil imports from Russia. Earlier this week, the European Commission proposed an embargo on Russian oil supplies to EU countries as part of the forthcoming sixth round of sanctions.
“The market has not yet fully factored into current prices a probable embargo on oil supplies from the Russian Federation, a vote on this package in the EU is yet to be,” notes City Index analyst Fiona Chincotta, quoted by Bloomberg. “This factor will deter any attempts to reduce prices for oil”.
Meanwhile, the US authorities announced their intention to start buying oil on the market to replenish the strategic reserve. As expected, the US Department of Energy will start accepting applications from oil sellers this fall, although real deliveries will begin later.
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.