Oil prices ended August with a decline and continue to fall
17:48 01.09.2022 9137
Oil prices ended August with a decline and continue to fall on the first day of September.
According to Interfax, following the results of the past month, Brent fell in price by 12.3%, WTI – by 9.2%, and negative dynamics was noted for the third month in a row, which is the longest such period since the first half of 2020.
The price of November Brent futures on the London ICE Futures exchange by 8:10 Moscow time on Thursday, September 1, was $95.18 per barrel, which is $0.46 (0.48%) lower than the closing price of the previous session. As a result of trading on Wednesday, these contracts fell by $2.2 (2.3%) to $95.64 per barrel.
The price of futures for WTI oil for October in electronic trading on the New York Mercantile Exchange (NYMEX) by this time amounted to $89.08 per barrel, which is $0.47 (0.52%) lower than the final value of the previous session. By the close of the market the day before, the cost of these contracts decreased by $2.09 (2.3%) to $89.55 per barrel.
The pressure on the market is exerted by fears of a recession in the global economy amid tightening monetary policy by the world's largest central banks, as well as coronavirus restrictions in force in China, Bloomberg notes.
«Concerns about the state of the economy are a key reason for the oil market to fall», James Williams, an energy analyst at WTRG Economics said, quoted by Market Watch.
«OPEC has expressed concern about the prospects for demand, and at times the cartel representatives raise the issue of lowering quotas. The possibility of a recession now occupies a high place in OPEC's thinking», the expert notes.
Seydi refinery increases production and export of bitumen
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Volumes of petroleum products for 2022 for domestic consumers have been changed
Turkmenistan has made changes and additions to the volume of oil products for 2022 for domestic consumers, approved by the document of the head of state dated January 21 this year.
The seaport of Turkmenbashi in 2021 increased the volume of cargo transportation by 28%
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Turkmenistan and Kazakhstan aim to promote partnership in the fuel and energy sector, transport and other areas
On February 3, political consultations between the foreign ministries of Turkmenistan and Kazakhstan were held in Astana, the Ministry of Foreign Affairs of our country reported.
Products of TCOR and SC "Turkmengas" sold on the stock exchange of Turkmenistan
49 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan last week.