Oil price breaks seven-year records on supply worries
16:15 19.01.2022 11824
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.
In the future, we will make every effort for long-term cooperation with Turkmenistan in the gas sector, - head of CNPC
The commissioning of a new facility in the Bagtyyarlyk contract area, the opening of which was attended by the President of Turkmenistan, is an unforgettable event for both Chinese and Turkmen specialists. This was stated by the President of the CNPC Board of Management Hou Qijun, speaking to the participants of the celebration on the occasion of the commissioning of a new gas gathering station in the Farap etrap of the Lebap velayat.
IUOG named after Ya. Kakayev and Petronas Carigali (Turkmenistan) signed a Memorandum of Understanding
The International University of Oil and Gas named after Yagshygeldi Kakayev and Petronas Carigali (Turkmenistan) Sdn Bhd signed a Memorandum of Understanding, the News Portal of the State Television and Radio Broadcasting Company of Turkmenistan reports.
The President of Turkmenistan took part in the opening of a new gas gathering station in Lebap region
As part of a festive trip last Saturday to the Lebap region, President of Turkmenistan Serdar Berdimuhamedov took part in the solemn ceremony of commissioning a new gas gathering station.
Turkmenistan delegation takes part in UN Climate Change Conference COP29 in Baku
Turkmenistan delegation takes part in the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which is being held in Baku from November 11 to 22, the Ministry of Foreign Affairs of Turkmenistan reports.
Green technologies against desertification are being implemented at Galkynysh gas field
CNPC Chuanqing Drilling Engineering Co., Ltd., a branch of CNPC, is actively implementing a project to combat wind erosion of soils caused by frequent sandstorms and low vegetation at the Galkynysh gas field in Turkmenistan, according to a press release from CNPC.