Oil prices continue to rise, Brent is above $121 a barrel
19:03 08.06.2022 8177
Oil prices continue to rise on traders' expectations that the demand for energy resources on the world market will exceed their supply due to the start of the automobile season in Western countries, as well as the lifting of anti-COVID restrictions in China, Interfax reports.
«Morgan Stanley» analysts Martijn Raths and Amy Sergeant expect the oil market to face a 500,000 bpd deficit in the second half of this year. The «bullish» scenario of experts (playing on the increase in prices) provides for an increase in oil prices to $150 per barrel in the third quarter.
The cost of August futures for Brent oil on the London ICE Futures exchange by 8:20 Moscow time on Wednesday was $121.15 per barrel, which is $0.58 (0.48%) higher than the price at the close of the previous session. As a result of trading on Tuesday, these contracts rose by $1.06 (0.9%) to $120.57 per barrel.
The price of futures for WTI oil for July in electronic trading on the New York Mercantile Exchange (NYMEX) by this time amounted to $120.11 per barrel, which is $0.7 (0.59%) higher than the final value of the previous session. The day before, the cost of these contracts increased by $0.91 (0.8%) to $119.41 per barrel, which is the highest since March 8.
It is planned to increase oil production in the Cheleken contract area
At present, the State Concern «Turkmennebit» is working on the development of fields that are part of the Cheleken contract area, as well as increasing the volume of oil produced by drilling new oil wells.
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.
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.
Afghan authorities intend to start construction of their section of the TAPI gas pipeline in October
The current Afghan conditions have created an appropriate opportunity for the implementation of the TAPI pipeline project. This was stated by Second Deputy Prime Minister Mullah Abdul Ghani Baradar at a meeting with Director General of TAPI Pipeline Company Limited Muhammetmyrat Amanov and Ambassador of Turkmenistan to Afghanistan Khoja Ovezov, Orient reports.
«Mitro International Limited» is a silver partner of the XXVII International Conference «Oil and Gas of Turkmenistan»
Mitro International Limited is a silver partner of the XXVII International Conference and Exhibition «Oil and Gas of Turkmenistan» (OGT – 2022), which will be held on October 26-28 in Ashgabat, the organizer of the upcoming forum reports.