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

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Goldman Sachs estimates that oil demand will continue to rise in 2022, reaching a record level, largely thanks to fuel requirements for the transportation and aviation sectors, if the gradual reopening of the borders is taken into account.

The investment group even foresees that consumption will continue to rise over the next ten years, if one considers the dynamics of the infrastructure construction sector worldwide.

Goldman Sachs considers this trend positive for the world economy, where, as they have stated, “there was already a record demand” before the appearance of the omicron variant of the Covid-19 pandemic.

“Increased demand for airplanes is being added and the global economy continues to grow,” said Damien Courvalin, head of energy research at Goldman Sachs. “They will see how we will average a new demand record in 2022, and again, in 2023,” he stressed.

The financial institution has also spoken out about the price of oil barrel of oil, and has indicated that by 2022 it could be located at 85 dollars per barrel “with a risk margin that prices will rise between 5 and 10 dollars.”

Given that oil demand will continue to grow until the end of the current decade, Goldman Sachs foresees a progressive energy transition, to reach some 106 million barrels per day.

M.Pino

Source: rtnoticias

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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

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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

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The oil economist, Rafael Quiroz Serrano, indicated that Venezuela produced 531,000 B / D in May, according to secondary sources related to the Organization of Petroleum Exporting Countries (OPEC), which represents an increase compared to the previous month’s figure when reached 486,000 B / D.

Quiroz explained that the increase in Petroleum from Venezuela (PDVSA) is possibly due to the fact that the state company is trying to take advantage of until the last moment the shipment of shipments of its mixture marketed in China, as diluted bitumen, on which a tax begins to fall 30% on each imported barrel.

The specialist warned that this would open space to receive more production and improved crude to be shipped.

“It remains to clear the unknown of how to overcome the impasse of the tax in China on the Venezuelan mixture, for which they suggested a modification in the mixture that makes it attractive according to the new requirements of the main buyer of Venezuelan oil”, said the expert .

Finally, he recalled that the Chinese refineries bought this mixture due to the advantageous conditions of the discount obtained, they also did not pay tax for this type of product and it was not included in the import quotas assigned by the Chinese government.

K. Tovar

Source: Doble Lllave

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Oil price continues to climb to maximum levels since the beginning of January 2020, after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC +.

In this way, the price of a barrel of Brent oil, the benchmark for Europe, rose 2 % compared to the close of Thursday and reached 68.13 dollars, the highest price since January 8, 2020, before the Covid-19 pandemic. Meanwhile, the West Texas Intermediate (WTI) barrel, the reference for the United States, rose 1.9 % and exceeded the level of 65 dollars for the first time since the beginning of January 2020.

The OPEC + countries agreed this week to extend their production cuts until April, with the exception of Russia and Kazakhstan, which have been allowed to increase their pumping level, the organization reported.

In January, the cartel agreed that the cut for February would be 7.125 million per day, while for March it would be 7.05 million per day. Likewise, Saudi Arabia will maintain, for the time being, its voluntary and additional reduction of one million barrels per day.

The oil ministers of the OPEC member countries have also decided to extend until July 2021 the maximum period for countries to compensate for the excess production they have incurred in recent months.

The next meeting of OPEC and its allies will take place on April 1st, as planned, to decide whether to raise, maintain or cut crude production again.

K. Tovar

Source: dpa

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At the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for February delivery totaled 70 cents from the previous day.

Benchmark crude in the US added another solid rise after Tuesday’s sharp rise, rising $ 2.31 to top $ 50 for the first time since February, but easing slightly afterward.

US crude inventories fell more than 8 million barrels in the week of January 1 to 485.8 million barrels, a decline that was four times the experts’ estimates, even though an inventory drop is normal. at the end of the year, when the energy companies remove the barrels from storage to avoid a significant tax payment.

Added to this decrease in inventories is the announcement on Tuesday by Saudi Arabia, which pledged to reduce its crude supply by one million barrels per day (mbd) in February and March, when it will pump 8.25 mbd, as announced the country’s Energy Minister, Abdelaziz bin Salmán.

For their part, Kazakhstan and Russia agreed to gradually increase oil production by a total of 75,000 barrels a day, the Kazakh Ministry of Energy reported.

Meanwhile, gasoline contracts due in February rose 2 cents to $ 1.47 per gallon, and natural gas contracts for same-month delivery rose 1 cent to $ 2.71 per thousand cubic feet.

On the other hand, the price of a barrel of Brent for delivery in March closed this Wednesday with an advance of 1.3% in the London futures market, up to 54.30 dollars.

North Sea oil, a benchmark in Europe, ended the session on the Intercontinental Exchange with an increase of $ 0.70 compared to the close of the previous session.

G. Febres

With information from EFE, other agencies and international media specialized in the economy and markets

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