Monday , October 3 2022

Oil prices rise due to a possible drop in supply


Oil prices rise in the face of the possible reduction in supply Option Saudi Arabia OPEC Russia Brent del Mar West Texas Intermediate
The oil price rose by around one percent after OPSEC emphasized pressure on Saudi Arabia to reduce supply. Photo: Pixabay

Oil prices rose Monday About one percent, in the middle of expectations that major raw exporter, Saudi Arabia, pushing OPEC, and perhaps Russia, i reduce supply towards the end of the year.

"Oil prices continued to improve… the market will monitor the potential impact of a cut (from supply) closely, "he said. Sukrit Vijayakar, Trifecta Indian energy consultancy director.

OPEC is pressing for the group of producers and their Allies reduce up to 1.4 million barrels per day (bpd) the market offer to customize demand and avoid too much supply.

The Russian Energy Minister, Alexander Novak, The He noted that Russia, that is not a member of OPEC, designed to sign a group agreement with the group, and that the details be discussed at the OPEC 6 December meeting in Vienna.

Despite the earnings of this Monday, oil prices continue almost a quarter below their recent bricks, registered in early October, as a result of the increase in supply and fighting demand.

This is partly because Washington donated to main Iran oil clients, mainly in Asia, unexpected exemptions and the sanctions imposed on Tehran in November.

It is expected that the Japanese refinery Fuji Oil will resume buying Iran's crude after that Japan received one of those exceptions, industry sources were reported.

Japan had given all the purchases of Iran's oil before receiving the exemption in early November.

The markets were still cautious in the midst of deep trade disputes between the two largest economies in the world, then United States and China they could not find a solution I dispute at the last meeting of the Asia-Pacific Economic Cooperation forum (APEC).

Hussein Dweud, the leading market strategist on FXTM's future brokerage, said the US comments at the APEC conference "suggested that It is unlikely that there will be an agreement between President Donald Trump and a Chinese colleague Xi Jinping see the light when the leaders meet at the G20 Summit later this month. "

Energy companies Americans added two oil rigs in the week to 16 November, the total rose to 888, the highest level since March 2015, according to a weekly report by the energy services company Baker Hughes.

The increase in drill activity It indicates an increase in the US crude oil production that has already increased by almost a quarter this year, to a high record. 11.7 million barrel a day.

Monday here, The brent oil brent del Mar math North for classes in January He was quoted at 67.41 dollars at the beginning of the session (03:00 GMT) in the Intercontinental Petroleum Exchange electronic market (ICE).

And Brent, the international reference for oil prices, went up 65 cents (0.96 per cent) or compared to the previous date of Friday, when it was 66.76.

In the meantime, Central Texas Intermediate core (TheWTI), of references in the United States, for classes in December also at 03:00 GMT, increase 76 cents (1.33 per cent) quoted at 57.22 dollars.

On his behalf, the basket of Organization of Petroleum Exporting Countries (TheOPEC) on Friday for 66 dollars, 72 cents access (1.09 per cent) or compared to the last session on Thursday, the poster reported.

It may be of interest to you:

Iran challenged Trump; continue with raw exports despite penalties

With information from Notimex.


Source link