Oil continues to rise in price, Brent is above $117 per barrel, WTI is at its highest since 2011
20:12 03.03.2022 10126
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».
Transactions on fuel and energy products were the leaders in exchange trading
At the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan, 37 transactions were registered last week.
Turkmenistan is one of the three leaders in the supply of automobile fuel to Georgia
For the first half of the year, Georgia imported 669.2 million liters of gasoline and diesel fuel. The largest volume of fuel during this period was imported from Romania – 23.77%, Turkmenistan – 23.75% and Russia – 21.1%.
Environmentally friendly and high-tech project at «Galkynysh» will be successfully implemented, - representative of «CNPC»
When carrying out construction work at the Galkynysh field, modern scientific and technical justifications and methods will be used, and wells will be drilled at the highest quality level. This was stated by Chen Huailong, Director General of the China National Petroleum Corporation (CNPC) branch in Turkmenistan, speaking at a ceremony marking the start of construction of those new wells in the giant Galkynysh gas field.
TCOR produced more than 41.6 thousand tons of polypropylene in seven months
Turkmenbashi complex of oil refineries systematically increases the production of polypropylene, which is in great demand both in the domestic and foreign markets.
Uninterrupted operation of the checkpoint is ensured on the Turkmen-Afghan border, - MFA
Turkmenistan continues to ensure the uninterrupted operation of checkpoints on the Turkmen-Afghan border, the website of the Ministry of Foreign Affairs of Turkmenistan reports.