Oil price breaks seven-year records on supply worries
16:15 19.01.2022 12140
Oil prices continue to rise on Wednesday, renewing the highs since 2014 due to the risks of supply disruptions from the Middle East, Interfax reports.
The price of March futures for Brent oil on the London ICE Futures exchange by 08:11 Moscow time was $88.36 per barrel, which is $0.85 (0.97%) higher than the closing price of the previous session. As a result of trading on Tuesday, these contracts rose by $1.03 (1.2%) to $87.51 per barrel.
The price of futures for WTI oil for February in electronic trading on the New York Mercantile Exchange (NYMEX) by this time amounted to $86.41 per barrel, which is $0.98 (1.15%) higher than the final value of the previous session. By the close of trading the day before, the cost of these contracts rose by $1.61 (1.9%) and amounted to $85.43 per barrel.
The day before, both brands closed at their highest levels since October 13, 2014, according to FactSet data.
Prices are supported by fears of a shortage of fuel in the world market due to supply cuts and the inability of some OPEC countries to increase production to agreed levels, writes Trading Economics.
Meanwhile, on the night of Tuesday to Wednesday, an explosion occurred on the large Kirkuk-Ceyhan oil pipeline connecting Iraq and Turkey, due to which the operation of the pipeline was suspended, media reported. The cause of the explosion has not yet been established. More than 450,000 barrels of oil are pumped through the pipeline every day.
Earlier it became known about the impact of drones on the territory of the UAE, as a result, damage was caused to three oil tanks in Abu Dhabi.
«Global oil benchmarks are rising to levels not seen in almost eight years on low supply forecasts and complications from tensions in the Middle East», Louise Dixon, senior oil market analyst at Rystad Energy, wrote.
Global demand for oil will grow until 2028, – IEA
The International Energy Agency (IEA) predicts in a June report that global oil demand will reach 105.7 million bpd in 2028, up 5.9 million bpd from 2022 levels.
Corporation “Turkmenenergo” will build solar power plants in remote areas of Turkmenistan
In remote settlements of Turkmenistan, the Turkmenenergo energy corporation plans to build solar power plants with a total capacity of more than 6 MW at the first stage. This was announced by the head of the service for the development of renewable energy sources “Turkmenenergo” Dovlet Allayarov at the International Scientific and Practical Conference: «Energy Prospects, New Technologies for the Development of Hydrocarbon Deposits”, which took place on Thursday in Ashgabat.
Pre-conference events were held at IUOG on the eve of the scientific forum
Two pre-conference events were held at the Yagshygeldi Kakaev International University of Oil and Gas (IUOG) on June 14 on the eve of the International Scientific and Practical Conference: «Energy Prospects, New Technologies for the Development of Hydrocarbon Deposits».
Schoolchildren’s summer holiday season starts in Geokdere
The summer vacation season is currently in full swing in our country. Tired of the school bustle, the children plunged headlong into the atmosphere of joy, fun and new adventures that every day gives them, spent in one of the many children’s health centers in the picturesque corner of our country – the Geokdere Gorge.
TS-1 aviation kerosene and oil bitumen were in demand at exchange trading
At the auction on Monday, June 12, 24 transactions were concluded for a total of $1 million and 150 million Turkmen manats, ORIENT reports.