Oil prices ended August with a decline and continue to fall
22:48 01.09.2022 7232
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.
OPEC will be headed by a representative of Kuwait from August
At an extraordinary meeting of OPEC, the ministers elected a new secretary general of the organization – from August 1, 2022, Haitham Al-Qais from Kuwait was elected for a period of three years, Interfax reported.
President of Turkmenistan outlined the priorities for the development of the country's gas industry
Last Wednesday, President of Turkmenistan Gurbanguly Berdimuhamedov held a meeting in the administrative center of Lebap velayat, at which he heard reports from the heads of the country's fuel and energy complex and defined the tasks of developing the gas industry for the future, the State News Agency of the country reports.
Turkmenistan is one of the three leaders in the supply of gasoline to Uzbekistan
In January-November 2021, Uzbekistan imported 141.2 million liters of motor gasoline from Turkmenistan. This was reported by the State Statistics Committee of Uzbekistan. Thus, Turkmenistan ranks second in the supply of motor gasoline to the neighboring country.
Over 320 billion cubic meters of Turkmen gas supplied since the start of operation of the Turkmenistan-China gas pipeline, – CNPC
Since the opening of the transnational Turkmenistan-China gas pipeline in 2009, over 320 billion cubic meters of Turkmen gas have been exported to the Celestial Empire. General director of the branch of the National Petroleum Corporation of China (CNPC) Chen Huailong stated this, the Watan news program of the Turkmen television reported.
New gas resources discovered in Lebap region of Turkmenistan
In the territories adjacent to the Malay and Nayip gas fields in the Lebap region of Turkmenistan, a new dome was discovered in the lower layers of the Northern Dervush and Malay fields. Chairman of the State Corporation «Turkmengeology» Merdan Rozyev reported this to President Gurbanguly Berdimuhamedov at a working meeting in Turkmenabat, the State Television and Radio Broadcasting of Turkmenistan reported.