Oil prices continue to rise, Brent is above $121 a barrel
14:03 08.06.2022 10166
Oil prices continue to rise on traders' expectations that the demand for energy resources on the world market will exceed their supply due to the start of the automobile season in Western countries, as well as the lifting of anti-COVID restrictions in China, Interfax reports.
«Morgan Stanley» analysts Martijn Raths and Amy Sergeant expect the oil market to face a 500,000 bpd deficit in the second half of this year. The «bullish» scenario of experts (playing on the increase in prices) provides for an increase in oil prices to $150 per barrel in the third quarter.
The cost of August futures for Brent oil on the London ICE Futures exchange by 8:20 Moscow time on Wednesday was $121.15 per barrel, which is $0.58 (0.48%) higher than the price at the close of the previous session. As a result of trading on Tuesday, these contracts rose by $1.06 (0.9%) to $120.57 per barrel.
The price of futures for WTI oil for July in electronic trading on the New York Mercantile Exchange (NYMEX) by this time amounted to $120.11 per barrel, which is $0.7 (0.59%) higher than the final value of the previous session. The day before, the cost of these contracts increased by $0.91 (0.8%) to $119.41 per barrel, which is the highest since March 8.
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
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