Oil rises on the impact of US strikes in Syria .. Russia is considering the extension of production

Oil rises on the impact of US strikes in Syria .. Russia is considering the extension of production cut




WASHINGTON  MOSCOW Singapore / Reuters Sky News

Oil prices rallied to being traded near the highest level in a month and ending the week on a rise of three percent after the United States fired missiles at a government air base in Syria, sparking fears of a possible spillover of the conflict in the oil - rich region.
And increased geopolitical uncertainty in the Middle East by the US move , which is the most powerful in the age of the circle in Syria 's civil war six years ago.
The market shrugged off a report that showed US companies added oil drilling rigs for the second week in a row to take advantage of the recovery in crude prices. The companies have increased the number of operating rigs by ten platforms as Baker Hughes energy services company said.
The settlement took place International benchmark Brent crude futures , up 35 cents to $ 55.24 a barrel.
Crude and recorded the highest level during the session at $ 56.08 a barrel, the highest level also since the seventh of March, shortly after the announcement of the US missile strike. Crude rose 4.4 percent on a weekly basis.
Increased WTI US median futures 54 cents to $ 52.24 a barrel sits below the high levels recorded during the session, which amounted to $ 52.94 a barrel.
Although Syria 's production of oil is limited, but its location in the Middle East and alliances with leading producers of crude raised concerns regarding the breadth of the cycle of conflict, including could disrupt crude shipments.
On the other hand, predicted the President of the company «Novtk» Russia, the largest non - state company to produce gas, Leonid Mikelson yesterday, the stability of his company 's production of oil, which does not include gas condensate, this year. He added that the total production of gas condensate in the «Yamal» project of liquefied natural gas will reach 1.2 million tons, while the project up to maximum power for the production of LNG in 2019. Gas
The head of the company «Srghout Naftgaz», the third largest oil producer in Russia , Vladimir Bogdanov, in a statement to the agency «Reuters», that his company is committed to a global agreement to cut oil production targets to support crude prices.
The Organization of the Petroleum Exporting Countries (OPEC) agreed and 11 of the oil producers from abroad, led by Russia, in December (December), to reduce total production by about 1.8 million barrels per day to reduce global inventory glut and support prices.
The Russian Oil Minister Alexander Novak said that Russia will cut oil production by 200 thousand barrels per day by the end of the first quarter, and 300 thousand barrels per day by the end of this month. He pointed out yesterday that it was premature to talk about a possible extension of the cut. He said during a meeting of the ministry that he discussed with local oil producers and the government to extend the possibility of an agreement under which Russia pledged to cut production of 300 thousand barrels per day. The minister said that the possibility of the extension of the agreement will grow clearer by the end of this month or early May.
Oil prices have climbed to the highest level in almost a month yesterday with signs of a gradual decline in global oil stocks as well as concerns regarding the supply of a break in the North Sea fields in the United Kingdom. The global Brent crude rose blend «Brent» futures to $ 54.52 a barrel , up 35 cents , or the equivalent of 0.65 percent from the last settlement. Increased WTI 33 cents , or 0.65 percent , to $ 51.35 a barrel. And arrived indicators to the highest level since 8 March.
Traders said prices increased under the balance of market conditions gradually, as it is leading the Organization of the Petroleum Exporting Countries (OPEC) to cut production efforts. The company «Fortixa» for analyzes of oil that oil shipments fell by 17 percent since the beginning of this year.
According to the American Petroleum Institute that US crude inventories fell by 1.8 million barrels last week to 533.7 million barrels but still close to its highest level ever. It was expected that the US Energy Information Administration inventory data issued later yesterday.
Announced that «Qatar Petroleum» it will start with «Exxon Mobil» Drilling work for exploration for oil and gas off the southern coast of Cyprus in 2018, after signing a contract for exploration and production sharing with the island in the Mediterranean. And it became exploration in the basin of the Levant Mediterranean more attractive since discovered «Eni» appeared off the coast of Egypt in the 2015 field, the largest gas field in the Mediterranean Sea is estimated that it has 850 billion cubic meters of gas.


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