Oil prices continue to rise, Brent rose to $111.3 per barrel
02:04 07.05.2022 6109
Oil prices continue to rise on Friday on continued fears that the market will face a shortage of supply.
According to Interfax, the OPEC+ countries voted yesterday to maintain the plan to increase the quota for oil production in June by 432,000 barrels per day. However, despite the systematic increase in quotas since August 2021, the OPEC+ countries cannot reach the permitted level of oil production. According to the results of March, they lag behind in production by 1.45 million bpd.
The cost of July futures for Brent oil on the London ICE Futures exchange by 8:15 Moscow time on Friday was $111.3 per barrel, which is $0.4 (0.36%) higher than the closing price of the previous session. As a result of trading on Thursday, these contracts rose by $0.76 (0.7%) to $110.9 per barrel.
The price of futures for WTI oil for June in electronic trading on the New York Mercantile Exchange (NYMEX) by this time amounted to $108.6 per barrel, which is $0.34 (0.31%) higher than the final value of the previous session. The day before, the cost of these contracts increased by $0.45 (0.4%) to $108.26 per barrel.
European countries, meanwhile, are preparing to limit oil imports from Russia. Earlier this week, the European Commission proposed an embargo on Russian oil supplies to EU countries as part of the forthcoming sixth round of sanctions.
“The market has not yet fully factored into current prices a probable embargo on oil supplies from the Russian Federation, a vote on this package in the EU is yet to be,” notes City Index analyst Fiona Chincotta, quoted by Bloomberg. “This factor will deter any attempts to reduce prices for oil”.
Meanwhile, the US authorities announced their intention to start buying oil on the market to replenish the strategic reserve. As expected, the US Department of Energy will start accepting applications from oil sellers this fall, although real deliveries will begin later.
TCOR produced more than 26 thousand tons of liquefied gas in six months
The Turkmenbashi complex of oil refineries, which is one of the largest industrial enterprises in the country, is increasing the volume of certain types of high-quality products in demand both in the domestic and foreign markets.
The next well of the Malay field gave a industrial gas inflow
At the Malay field, as a result of drilling another well, an industrial gas flow with a flow rate of more than 400 thousand cubic meters per day was given. The drilling works were carried out by the foremen of the «Turkmengazburavlayysh» department of the State Concern «Turkmengas».
Leaders of Turkmenistan and China reaffirmed their commitment to the development of comprehensive cooperation
President Serdar Berdimuhamedov, who arrived on a working visit to the capital of Shanxi Province of the People’s Republic of China on May 18 to participate in the Central Asia-China Summit, held talks with Chinese President Xi Jinping in the afternoon, TDH reports.
Gamyshlydzhanebit: 361.4 thousand tons of oil produced in six months
Masters of "black gold" of the oil and gas production department "Gamyshlydzhanebit" make a worthy contribution to the increase in production growth rates at the State Concern "Turkmennebit".
Vladimir Putin: Gazprom management will soon arrive in Turkmenistan
President of the Russian Federation Vladimir Putin announced the imminent visit of the leadership of «Gazprom» to Turkmenistan. The Russian leader said this while answering journalists' questions at the end of the Sixth Caspian Summit, which took place on June 29 in Ashgabat, according to the website of the President of Russia.