Oil continues to rise in price, Brent is above $117 per barrel, WTI is at its highest since 2011
15:12 03.03.2022 12657
On Thursday, oil prices continue to rise, renewing new highs.
Large foreign buyers are boycotting Russian oil because of the situation around Ukraine, trying to find alternative sources of supplies, which is likely to contribute to further price increases, Interfax reports.
The price of May futures for Brent oil on the London ICE Futures exchange by 08:10 Moscow time on Thursday is $117.26 per barrel, which is $4.33 (3.83%) higher than the closing price of the previous session. As a result of trading on Wednesday, these contracts rose by $7.96 (7.6%) to $112.93 per barrel, which is the highest since June 2014.
The price of futures for WTI oil for April in electronic trading on the New York Mercantile Exchange (NYMEX) is $114.45 per barrel by this time, which is $3.85 (3.48%) higher than the final value of the previous session. On the eve of the cost of these contracts increased by $7.19 (7%), to $110.6 per barrel, which is the highest value at the close of the session since May 2011.
The decision of the International Energy Agency (IEA) to release 60 million barrels of oil from strategic reserves failed to calm market fears.
«There is a real fear that the market will face a supply shortage,» said Kim Kwangrai, a commodity analyst at Samsung Futures Inc. In Seoul. «If the situation in Ukraine deteriorates, we will see a further rally in the oil market».
At the same time, the OPEC+ countries do not intend to accelerate the pace of increasing oil production, on Wednesday they decided to maintain the plan to increase production quotas in April by 400,000 bpd.
During Wednesday's meeting, it was noted that «the current fundamentals of the oil market and the consensus on its prospects indicate a well-balanced market, and that the current volatility is not caused by changes in market fundamentals, but by current geopolitical events».
The work of the Interdepartmental Commission on the Caspian Sea was discussed at the Ministry of Foreign Affairs of Turkmenistan
The 63rd meeting of the Interdepartmental Commission of Turkmenistan on the Caspian Sea was held at the Ministry of Foreign Affairs on February 23. The meeting was attended by the relevant Vice-Chairmen of the Cabinet of Ministers of the country, the Director of the Caspian Sea Institute, heads of a number of ministries and specialized departments.
Products of oil refineries were sold at the auction
Last week, 35 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan.
The President of Turkmenistan and the Vice President of the UAE noted the active dynamics of cooperation in the energy, oil and gas and other spheres
The development of bilateral cooperation was discussed at a meeting on February 21 between the President of Turkmenistan Serdar Berdimuhamedov and the Vice President, Deputy Prime Minister, Minister of the Presidential Administration of the United Arab Emirates Sheikh Mansour bin Zayed Al Nahyan, who arrived in our country on a visit, TDH reports.
Dynamic development of national investments is carried out at the fields of Turkmenistan
Vice-Chairman of the Cabinet of Ministers Shakhym Abdrakhmanov, during an extended meeting of the government last Friday, reported on the work carried out by the oil and gas complex to increase oil and natural gas production, as well as the timely development of national investments in the coming years.
Liquefied gas and jet fuel were sold abroad at the auctions, and polypropylene and base oil were sold to the domestic market
27 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan last week.