Bank of America estimates point to a drop in the price of a barrel of oil in 2025 to $65 per barrel due to an excess of supply and a decrease in demand, marked by the advance of clean energy.

According to Francisco Blanch, head of global commodities research at BofA, “the supply of crude oil in global markets will be abundant, avoiding price spikes similar to those of 2022 after the Russian invasion of Ukraine.”

This surplus has been contributed to by factors such as record US production (20% of global supply) and increased production in Venezuela and Iran.

Beyond OPEC+ production cuts, the intention to regain market share in the future remains. The bank maintains that oil production will increase significantly in Brazil, Guyana, Canada and Argentina in 2025. “This increase in supply, combined with a slowdown in demand, reinforces downward price projections.”

On the other hand, the decrease in demand from China, the world’s largest importer of crude oil, is marked by internal economic problems, such as the collapse of the real estate sector, and its transition to electric vehicles and cleaner energy.

JPMorgan adds in its report “Global Commodities 2025 Outlook”, the slowdown in demand growth of around 1.1 million barrels per day in 2025; “Brent will average $73 per barrel in 2025 and fall to $61 in 2026.”

M.Pino

Source: criptotendencia

(Reference image source: Documerica on Unsplash)

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La entrada Bank of America predicts oil price drop to $65 per barrel in 2025 apareció primero en Bitfinance.

The price of a barrel of Brent oil, a benchmark for Europe, exceeded the quota of 91 dollars before the opening of the markets of the Old Continent with an eye on the meeting to be held this week in Vienna by the representatives of the Organization of Countries Oil Exporters (OPEC) and other allied producers, including Russia, which could determine a reduction in the supply of crude oil.

In what will be the first face-to-face meeting of the cartel led by Saudi Arabia and Russia since 2020, oil producers could agree to a reduction of 2 million barrels per day in oil supply, around 2 % of production, in an attempt to support prices in the face of increasing recession prospects.

A decision in this sense by OPEC + would go against the demands from the United States and the EU, although, in practice, its impact on world supply would be low, since several countries are already pumping below their quotas.

Before the opening of the European stock markets, a barrel of Brent oil was trading at 91.84 dollars, with an increase of 0.04%, while in the case of West Texas Intermediate crude (WTI), a benchmark for the United States, the price of a barrel remained stable at 86.53 dollars.

K. Tovar

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Source: Notiamerica

La entrada Barrel of oil stands at 91 dollars apareció primero en Bitfinance.

The price of a barrel of Brent crude, a benchmark for Europe, again exceeded the threshold of 100 dollars on Wednesday, after Saudi Arabia speculated on the possibility of an adjustment in the production of the Organization of Petroleum Exporting Countries (OPEC). ) and waiting to know the inventory data in the United States.

In this way, the price of a barrel of Brent oil reached 100.28 dollars on Wednesday, after falling to 91.52 dollars per unit on August 17.

In the case of West Texas Intermediate (WTI) crude oil, a reference for the United States, the price of a barrel rose to 93.84 dollars, which represents a revaluation of almost 10% since it touched 85.73 dollars last August 16th.

The Organization of the Petroleum Exporting Countries (OPEC) is already producing 2.9 million barrels a day less than its target, according to the sources, complicating any decision on oil production cuts or how to calculate the baseline for a production reduction.

K. Tovar

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Source: TVAzteca

La entrada Oil price goes back above 100 dollars apareció primero en Bitfinance.

The price ofBrent quality oil, a reference for Europe, reached the verge of 140 dollars, close to the historical maximums registered in 2008, after soaring almost 20 % at the beginning of the session due to fears that the United States may impose restrictions on the sale of Russian crude.

Before the start of the stock markets of the Old Continent, however, the price of Brent relaxed slightly to stand somewhat above 128 dollars per barrel, still 8.5 % above last Friday’s settlement price.

In the case of West Texas Intermediate (WTI) crude oil, the price of a barrel reached 130.5 dollars, compared to 115.68 dollars at the end of last week. However, before the European opening it was relaxed to 125 dollars per barrel.

The US Secretary of State, Antony Blinken, acknowledged this Sunday that his country has begun to discuss with the European Union and the rest of its allies the possibility of prohibiting imports of Russian oil as a new measure of pressure against the Russian president, Vladimir Putin, for the invasion of Ukraine.

K. Tovar

Source: Telesur

La entrada Oil reaches its highest price in the last 14 years apareció primero en Bitfinance.

The price of a barrel of Brent quality oil, a reference for Europe, rose this Tuesday to almost reach 88 dollars, due to less concern about the impact on demand of the omicron variant and the tensions in the Middle East and Eastern Europe , complicating central bankers’ expectations of an upcoming easing of inflationary pressures.

Specifically, the price of a barrel of Brent crude oil was trading at $87.97 this Tuesday, compared to $86.06 at the close of yesterday’s session, which represents the highest cost since mid-October 2014.

On his side, the price of a barrel of West Texas Intermediate (WTI) oil reached a maximum of 85.66 dollars, compared to 83.82 dollars of the last closing.

So far this year, a barrel of Brent has risen in value by 11%, while WTI crude, the reference for the United States, has become almost 14% more expensive.

Source: dpa

La entrada Barrel of oil reaches 88 dollars apareció primero en Bitfinance.

The price of Brent oil, the benchmark for Europe, surpassed the threshold of $ 85 per barrel on Friday for the first time since 2018, fueling pressures on energy prices and inflation.

However, after the opening of the markets of the Old Continent, the price of a barrel of Brent crude eased slightly to 84.66 dollars, 0.80 % above the level at the close of Thursday.

In the case of West Texas Intermediate (WTI) crude, a benchmark for the United States, a barrel was trading at $ 82.30, reaching highs since October 2014, although later it partially yielded and was trading at $ 81.98.

The rise in energy prices, coupled with supply bottlenecks, has caused a strong rebound in inflation, which in the case of the US pushed industrial producer prices by 8.6 % in September compared to the same month of 2020, which represents the highest year-on-year rise in wholesale inflation since annual data began to be collected in 2010.

The strong increase in producer prices is added to the sharp rise in consumer inflation, which in September reached 5.4 %, one tenth above the previous month’s reading and thus repeating the highest since 2008, as was the case in the months of June and July.

Inflationary pressures have also been noted in China, where inflation in the wholesale sector reached 10.7 % year-on-year, after rising 9.5 % the previous month, representing the largest increase in wholesale inflation in the entire historical series, dating back to 1995, as reported by the National Statistical Office (ONE).

Source: dpa

La entrada Barrel Brent passes the $ 85 mark apareció primero en Bitfinance.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC +, agreed on Wednesday to keep their plans to increase crude production by 400,000 barrels a day, the cartel reported in a statement.

OPEC + met this Wednesday like every month to assess the situation of the oil market and decide what adjustments to make to its production.

The cartel stressed that, despite the effects of the pandemic on uncertainty, oil market fundamentals have “strengthened” in recent weeks and OECD crude stocks have continued to fall as the recovery has sped up.

According to the plan they decided in July, OPEC + will increase its production by 400,000 barrels a day each month until completely reversing the cut to production of 5.8 million barrels a day that they agreed to last year.

After knowing this decision, the price of oil futures contracts has not registered large changes. A barrel of Brent, the benchmark in Europe, has reached 71.25 dollars, 0.5 % less, while West Texas Intermediate, the benchmark barrel in the United States, has fallen 0.45 %, to 68, $ 16.

The next inter-ministerial meeting of the OPEC countries and their allies will take place on October 4.

Source: dpa

La entrada OPEC + agreed to maintain production increase at 400,000 barrels per day apareció primero en Bitfinance.

Oil price registered a depreciation at the close of the day on July 15 due to the possibility that the OPEC+ alliance agreed to an increase in supply and after knowing an increase in gasoline reserves in the United States, which causes concerns about the product demand.

The price of a barrel of Brent crude closed last day, for the London futures market, at 73.47 dollars, which represents 4.3 %. Crude from the North Sea, a benchmark in Europe, fell 3.3 dollars compared to the previous day, while that of Texas also closed down, reaching 71.65 dollars, which represents 2.02 % less.

The New York Mercantile Exchange also posted a $ 1.48 drop in WTI futures contracts. For their part, gasoline contracts due in August fell 4 cents to $ 2.25 per gallon, while natural gas contracts, for delivery in the same month, fell 5 cents to $ 3.61 thousand cubic feet per gallon.

The market continues to wait for OPEC and its partners (OPEC+) to agree on the level of pumping for the coming months, after cutting production last year to stabilize prices in the face of falling demand due to the pandemic.

M. Rodríguez

Source: bancaynegocios.com

La entrada Oil prices fall due to OPEC+ uncertainty apareció primero en Bitfinance.