The Saudi Arabian Ministry of Energy announced last week that the country has reduced its total oil production capacity by 600,000 barrels per day due to the conflict in Iran, which has led to the suspension of operations at some of the country’s main energy facilities.

The local authority stated that “the Manifa oil processing plant, located in the Eastern Province on the country’s east coast, has suffered a reduction of approximately 300,000 barrels per day in its production capacity due to the attacks it has sustained.”

The attacks have also affected “a pumping station on the 1,200-kilometer East-West pipeline that connects the Abqaiq oil field in the Eastern Province, across the Arabian Peninsula to Yanbu,” resulting in losses of approximately 700,000 barrels per day in the volume pumped through this infrastructure.

The country’s authorities have identified energy sectors affected by the escalation of hostilities in the region, including “production, transportation, petrochemical, and oil and gas refinery facilities, as well as the electricity sector in Riyadh, the country’s capital, the Eastern Province, and the industrial port city of Yanbu.”

M.Pino

Source: bolsamania

(Reference image source: WORKSITE Ltd. on Unsplash)

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La entrada Saudi Arabia’s oil production falls by 600,000 barrels per day apareció primero en Bitfinance.

China’s National Development and Reform Commission announced a reduction in retail prices of gasoline and diesel starting this Wednesday. This measure is taken in response to recent changes in oil prices on the international market.

According to the country’s top economic regulator, gasoline prices will experience a decrease of 340 yuan ($47.62) per ton, while diesel will be adjusted by 330 yuan ($46.36) per ton.

In line with the current pricing mechanism, which responds to significant variations in crude oil prices in the global market, this reduction comes after previous announcements by the commission.

On November 7, the price of gasoline had already experienced a decrease of 140 yuan ($19.51) per ton, adding to two additional cuts in October, one of 70 yuan ($9.75) and another of 80 yuan ($11.84).

Additionally, the Chinese government has instructed the country’s major oil companies, including China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, to maintain production and facilitate transportation to ensure the stability of fuel supply.

K. Tovar

Source: UniónRadio

(Reference image source: Dawn McDonald)

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La entrada China announced changes in gasoline prices apareció primero en Bitfinance.

The Organization of Petroleum Exporting Countries (OPEC) warned that the crude oil market is operating under a “state of schizophrenia”, so it is not sending the right signals to be balanced, according to its monthly report on the market. oil.

“In a way, the market is in a state of schizophrenia and is creating a kind of yo-yo market and sending the wrong signals at a time when good visibility, clarity and well-functioning markets are needed more than ever,” it said in a statement. document published this week.

OPEC explained that both oil demand and supply remain unchanged compared to estimates released last month.

Last week, OPEC +, the group formed by the organization and its allies, decided to reduce its production from October by 100,000 barrels per day. This meant reversing the movement agreed in the month of August, when the group decided to increase production by the same figure per day during September.

According to this Tuesday’s report, OPEC produced 29.651 million barrels per day during the month of August, which represents an increase of 618,000 barrels per day. Much of this increase is due to Libya, which increased its output by 426,000 barrels per day. The country does not participate in the production control agreement due to its internal problems.

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Source: dpa

La entrada Oil market is in a “state of schizophrenia” apareció primero en Bitfinance.

The economist and oil expert Rafael Quiroz considers that the war between Russia and Ukraine is of a political nature, however, its effects disturb the oil market, particularly in the increase in the price of crude oil, because for the mobilization of the arms units it requires energy increasing oil consumption.

“The conflict presents movement of arms units, which move by land, by air and by sea and all of this consumes oil, consumes fuel and other oil products and therefore increases oil consumption and also the demand for oil.” Quiroz affirmed.  According to the economist, a price that “bids up” favors all oil-producing and exporting countries.

According to the economist, a price that “bids up” favors all oil-producing and exporting countries. He emphasizes that the conflict benefits the United States because it is the “first producer of oil and in turn the first consumer of oil and the first importer of crude oil, which are three highly outstanding characteristics within the oil market”, while Russia is second. oil producer and the first country with the largest gas reserves in the world.

This whole scenario impacts the price of crude oil and compromises the variable called “political premium”, which according to the expert is a “premium caused by the risk of oil supply” and currently stands at 27 % of the price of oil. “In absolute terms, it is calculated between 15 and 18 dollars a barrel, of what is being quoted at the moment.” Quiroz pointed out that Brent has already surpassed 105 dollars a barrel and of those 15 dollars are the product of that political premium that this geopolitical variable of oil is charging.

Venezuela benefits despite sanctions

According to the economist Quiroz, the benefits for Venezuela are directly related to its production and export levels, today the Caribbean country registers an average daily production of 865 thousand barrels, from that amount it is necessary to discount internal consumption, as well such as storage or inventory, leaving about 700 thousand barrels per day for export.

The price of a barrel of Venezuelan oil is quoted at 90 dollars per barrel. “Venezuela could benefit more if it were producing under normal conditions and we had production at 2.5 million b/d, we would benefit more there, but we are not producing what we should.”

In the opinion of the economist, PDVSA uses some strategies so that its interests are not affected due to the sanctions, “but with these maneuvers, even with traps, it manages to overcome all those obstacles and it is logical that this is the case and that is what all the sanctioned countries do. Quiroz said.

The university professor also indicated that regardless of the maneuvers that have to be resorted to, the fact is that we receive our wealth of petrodollars thanks to exports.

M. Rodríguez

Source: eluniversal.com

La entrada War conflict between Russia and Ukraine disturbs oil market apareció primero en Bitfinance.

The ministers of the nations that make up the Organization of the Petroleum Exporting Countries plus Russia confirmed that they will continue with the plan to progressively increase the supply of crude oil by 2 million barrels per day, as agreed last April.

The statements were offered at the end of a virtual meeting where they revalidated the commitment, highlighting the recovery of the planet’s energy demand, for which they do not consider it necessary to change the established scheme.

However, they agreed to meet on July 1st to evaluate the market’s behavior and make decisions that will be carried out as of August.

OPEC +, led by Saudi Arabia and Russia, awaits the return of Iranian crude to the world energy market.

M. Rodríguez

Fuente: abc

La entrada OPEC + maintains increase in crude oil on the world market apareció primero en Bitfinance.