Bloomberg: Saudi Arabia may raise oil prices for Asia
15:07 28.07.2022 10337
Saudi Arabia is expected to raise the price of its flagship oil for Asia in September, although traders see potential for spot price cuts next month, PRIME quotes Bloomberg. The coming months could be a turning point for the oil market, traders say.
Arab Light crude for September delivery to Asia could sell for a record high premium over the Oman/Dubai price marker. According to the median estimate of refiners surveyed by Bloomberg, the premium could be $10.80 per barrel. At the same time, the drop in the margins of Asian refineries may result in a reduction in demand for oil from Saudi Arabia, traders say.
World oil prices in July may show a second consecutive monthly decline for the first time since the end of 2020. Oil futures came under pressure amid risks of a US recession, tightening monetary policy and China's efforts to fight the coronavirus. At the same time, prices in the physical market are still high. Saudi Aramco will publish official selling prices for September next week.
Some Asian refineries have been preparing to cut operating capacity since September. Refinery workloads in the region have peaked in recent months as the conflict in Ukraine has shifted trade flows and driven gasoline prices to record highs. Any pullback in fuel prices could trigger a reduction in oil demand from refineries in the coming months.
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.