Oil continues to rise in price, Brent is above $117 per barrel, WTI is at its highest since 2011
15:12 03.03.2022 12726
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».
The results of the work of the oil and gas complex of Turkmenistan for five months were summed up at the industry meeting
On Monday, June 12, a reporting meeting was held in the Central building of the oil and gas complex of Turkmenistan, at which the results of the work of enterprises in the industry for five months of this year, held under the motto “The Year of Happy Youth with Arkadag Serdarly”, were discussed.
Preparations for the VI Caspian Summit discussed
The issues of preparation for the VI Summit of the Heads of the Caspian States within the framework of the events planned in Turkmenistan for 2022 were discussed on Tuesday at a meeting of the interdepartmental commission on the Caspian Sea, the website of the Foreign Ministry of Turkmenistan reports.
Gurbanguly Berdimuhamedov held a meeting on expanding Turkmen gas export routes
The issues of expanding export routes for the supply of Turkmen natural gas were discussed at a meeting held on Tuesday by President Gurbanguly Berdimuhamedov with the participation of Vice-Chairmen of the Cabinet of Ministers for the fuel and energy complex, economy and foreign policy, the State News Agency of Turkmenistan reports.
Preparations for the implementation of energy projects discussed at talks in Islamabad
The issues of practical implementation of the projects of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline and the Turkmenistan-Afghanistan-Pakistan (TAP) power transmission lines were discussed in Islamabad by the delegation of Turkmenistan, which, on behalf of President Gurbanguly Berdimuhamedov, is on a working visit to Pakistan on January 31 – February 4, informs the website of the Foreign Ministry of Turkmenistan.
Following the Turkmen-Mongolian talks, a package of cooperation documents was signed
Following the state visit of the President of Turkmenistan Serdar Berdimuhamedov to Mongolia, a joint statement of the heads of the two states and 14 documents on expanding bilateral cooperation in trade and economic spheres, investments, education and healthcare were signed, TDH reports.