Oil market expects «parabolic» movement, prices may reach $150 per barrel – head of Trafigura
10:02 10.06.2022 5428
World oil prices could show a «parabolic» movement this year, rising to record highs and triggering a slowdown in global economic growth, said Jeremy Weir, head of Trafigura, one of the world's largest independent oil traders, Interfax reports.
The current state of energy markets is critical as sanctions on Russia exacerbate supply shortages created by years of underinvestment in the sector, Weir said at the FT Global Boardroom on Tuesday.
«The situation is critical,» he said. «I really think we're in trouble for the next six months, (…) when it comes to this parabolic state, the market can move and prices can really go up».
A parabolic condition is commonly referred to as a situation where prices jump to record levels in an already rising market, the Financial Times notes.
Weir added that he sees a strong possibility for oil prices to rise to $150 a barrel or more in the coming months as energy flows shift as Russia diverts oil exports from Europe.
«If very high energy prices persist for some time, we will see a decrease in demand. It will be problematic to sustain such a price level and maintain economic growth», he said.
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.
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.
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.
Turkmenistan started exporting gasoline A-98 of EURO-5 and EURO-6 standards
Turkmenistan has started exporting A-98 gasoline of EURO-5 and EURO-6 standards, the first batches were sold to entrepreneurs from the United Arab Emirates and Afghanistan.