Oil price breaks seven-year records on supply worries
16:15 19.01.2022 12396
Oil prices continue to rise on Wednesday, renewing the highs since 2014 due to the risks of supply disruptions from the Middle East, Interfax reports.
The price of March futures for Brent oil on the London ICE Futures exchange by 08:11 Moscow time was $88.36 per barrel, which is $0.85 (0.97%) higher than the closing price of the previous session. As a result of trading on Tuesday, these contracts rose by $1.03 (1.2%) to $87.51 per barrel.
The price of futures for WTI oil for February in electronic trading on the New York Mercantile Exchange (NYMEX) by this time amounted to $86.41 per barrel, which is $0.98 (1.15%) higher than the final value of the previous session. By the close of trading the day before, the cost of these contracts rose by $1.61 (1.9%) and amounted to $85.43 per barrel.
The day before, both brands closed at their highest levels since October 13, 2014, according to FactSet data.
Prices are supported by fears of a shortage of fuel in the world market due to supply cuts and the inability of some OPEC countries to increase production to agreed levels, writes Trading Economics.
Meanwhile, on the night of Tuesday to Wednesday, an explosion occurred on the large Kirkuk-Ceyhan oil pipeline connecting Iraq and Turkey, due to which the operation of the pipeline was suspended, media reported. The cause of the explosion has not yet been established. More than 450,000 barrels of oil are pumped through the pipeline every day.
Earlier it became known about the impact of drones on the territory of the UAE, as a result, damage was caused to three oil tanks in Abu Dhabi.
«Global oil benchmarks are rising to levels not seen in almost eight years on low supply forecasts and complications from tensions in the Middle East», Louise Dixon, senior oil market analyst at Rystad Energy, wrote.
Participants of the International Scientific Conference discussed the environmental aspects of the development of hydrocarbon fields
On June 15, the capital of Turkmenistan hosted the International Scientific Conference “Energy Prospects, New Technologies for the Development of Hydrocarbon Deposits”. The conference was organized by the State Concerns "Turkmengas" and "Turkmennebit", the State Corporation "Turkmengeology" in partnership with the ES "Turkmen Forum" and the British company Gaffney Cline.
Turkey to host summit of natural gas exporters on February 14-15
A gas summit is planned to be held in Istanbul on February 14-15 with the participation of representatives of countries exporting «blue» fuel from Central Asia, the Middle East and the Mediterranean Sea. This was announced by the Minister of Energy and Natural Resources of Turkey Fatih Donmez, Anadolu agency reports.
Xi Jinping in congratulations to Serdar Berdimuhamedov expressed readiness to make efforts to develop partnership
n a congratulatory message to President of Turkmenistan Serdar Berdimuhamedov on his birthday, President of the People's Republic of China Xi Jinping expressed readiness to make joint efforts to further develop interstate partnership for the benefit of the peoples of the two countries.
Pre-conference day of the TESC 2025 forum
On Thursday, June 5, the International Scientific and Practical Conference "Environmental Aspects of Implementation of Innovative Technologies in the Development of Hydrocarbon Deposits" (TESC) will open in Ashgabat. The forum is organized by the State Concerns "Turkmengas", "Turkmennebit", the State Corporation "Turkmengeology" together with the "Turkmen Energy Forum".
Ministry of Defense of Afghanistan guarantees safety during the construction of the TAPI gas pipeline and other projects in the country
On Sunday, as part of a working visit to Kabul, Turkmen Foreign Minister Rashid Meredov held a number of meetings with high-ranking officials of Afghanistan, as a result of which security guarantees were obtained for the implementation of infrastructure projects in the neighboring country, the website of the Foreign Ministry of Turkmenistan reports.