Brent rose to $107.93 a barrel on fears of a decline in supply
19:53 21.04.2022 9475
Oil quotes are rising on Thursday due to fears of a decrease in supply on the world market with a sharp reduction in US inventories.
Libyan production fell due to political protests, while European countries continue to discuss the possibility of limiting the import of Russian energy resources. Thus, German Foreign Minister Annalena Burbock said on April 20 that Germany would completely stop importing Russian oil by the end of the year.
By 8:15 am Moscow time, June Brent futures rose by $1.13 (1.06%) on the London ICE Futures exchange by $1.13 (1.06%) against Wednesday's closing price and traded at $107.93 per barrel, Interfax reports. During the previous session, Brent fell by $0.45 (0.4%) to $106.8 per barrel.
June futures for WTI by that moment were rising in price in electronic trading on the New York Mercantile Exchange (NYMEX) by $0.99 (0.97%), up to $103.18 per barrel. On Wednesday, the contract rose by $0.14 (0.1%) to $102.19 per barrel.
US commercial oil inventories last week fell by 8.02 million barrels, the fastest pace since January 2021, to 413.73 million barrels, data from the US Department of Energy showed. Experts polled by Bloomberg expected an average increase in stocks of 3 million barrels.
Inventories at the terminal in Cushing, Oklahoma, where oil traded on Nymex is stored, decreased by 185,000 barrels to 26.2 million barrels, the Energy Ministry said. US oil production rose by 100,000 barrels per day (bpd) to 11.9 million bpd.
Seyidi refinery ensured high growth rates in the production of petroleum products
Since the beginning of the year, at the Seydi oil refinery, the growth rate in the production of gasoline compared to the same period last year amounted to 158.9%. The plant also showed steady growth in the production of other types of products, such as diesel fuel, heavy vacuum gas oil, and road bitumen.
The Participants of the Döwlet Maslahaty Speak
“It was with pride and great responsibility that I took part in the Döwlet Maslahaty, during which our esteemed President Serdar Berdimuhamedov, together with the people, discussed the most important plans for the further development of our Motherland.
The material and technical base of gas workers continues to be replenished with modern special equipment
On the eve of the 32nd anniversary of the independence of Turkmenistan, the 2nd base of the Logistics and Technical Supply Department of the State Concern “Turkmengas” located in Mary received a batch of new equipment purchased from the People’s Republic of China. Lifting drilling rigs for repairing gas wells were accepted by gas workers as a worthy gift from the head of state – the President on the occasion of the country’s major holiday.
SOCAR Trading SA - Diamond Partner of the XXVII International Conference «Oil and Gas of Turkmenistan» in Ashgabat
SOCAR Trading SA, global energy trader, has been announced as a Diamond Partner of the XXVII International Oil and Gas Conference of Turkmenistan, Turkmen Forum, the co-organizer of the upcoming event, reports.
Fuel and energy companies participate in the jubilee exhibition in honor of the 30th anniversary of the independence of Turkmenistan
A two-day exhibition dedicated to the 30th anniversary of Turkmenistan's independence began work in Ashgabat on September 21. The jubilee show, initiated by President Gurbanguly Berdimuhamedov, became a clear illustration of the economic achievements of our country during this historical period.