Brent rose to $107.93 a barrel on fears of a decline in supply
14:53 21.04.2022 10986
Oil quotes are rising on Thursday due to fears of a decrease in supply on the world market with a sharp reduction in US inventories.
Libyan production fell due to political protests, while European countries continue to discuss the possibility of limiting the import of Russian energy resources. Thus, German Foreign Minister Annalena Burbock said on April 20 that Germany would completely stop importing Russian oil by the end of the year.
By 8:15 am Moscow time, June Brent futures rose by $1.13 (1.06%) on the London ICE Futures exchange by $1.13 (1.06%) against Wednesday's closing price and traded at $107.93 per barrel, Interfax reports. During the previous session, Brent fell by $0.45 (0.4%) to $106.8 per barrel.
June futures for WTI by that moment were rising in price in electronic trading on the New York Mercantile Exchange (NYMEX) by $0.99 (0.97%), up to $103.18 per barrel. On Wednesday, the contract rose by $0.14 (0.1%) to $102.19 per barrel.
US commercial oil inventories last week fell by 8.02 million barrels, the fastest pace since January 2021, to 413.73 million barrels, data from the US Department of Energy showed. Experts polled by Bloomberg expected an average increase in stocks of 3 million barrels.
Inventories at the terminal in Cushing, Oklahoma, where oil traded on Nymex is stored, decreased by 185,000 barrels to 26.2 million barrels, the Energy Ministry said. US oil production rose by 100,000 barrels per day (bpd) to 11.9 million bpd.
Refined products were in the lead in the auctions
At the auction of the State Commodity and Raw Materials Exchange of Turkmenistan, 47 transactions were registered last week.
UAE Minister of State emphasizes the growing role of Turkmenistan in global energy security
The accelerating energy transition further highlights Turkmenistan’s critical role in maintaining global energy security as a stable and reliable supplier of hydrocarbon resources and as a country supporting the development of renewable and sustainable energy sources. This was stated by the Minister of State of the UAE, member of the board of directors of the Abu Dhabi National Oil Company (ADNOC), Abu Dhabi Development Fund Ahmed Ali Al Sayed, speaking at the International Forum on attracting foreign investment in the oil and gas industry of Turkmenistan, which opened on Wednesday in Dubai.
At the Galkynysh field, annual production may reach up to 200 billion cubic meters of gas
In the future, with the implementation of seven stages of development of the giant Galkynysh field, the annual production of natural gas will reach about 200 billion cubic meters of “blue fuel”. This was stated in the speech of the head of the laboratory of the Scientific Research Institute of Natural Gas of the State Concern “Turkmengas” Irina Luryeva at the International Forum on attracting investments in the energy sector of Turkmenistan in Dubai.
The President of Turkmenistan noted the importance of further increasing natural gas production volumes
On May 31, President Serdar Berdimuhamedov held a regular meeting of the Cabinet of Ministers via the digital system, at which topical issues in the life of the country were discussed.
Gurbanguly Berdimuhamedov instructed to find a way to extinguish the gas crater in Darvaza
Turkmen President Gurbanguly Berdimuhamedov, at a government meeting held last Friday via video link, raised the issue of finding a solution to the long-standing problem associated with a burning gas crater in Darvaza.