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Oil records the biggest weekly loss in ten months


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Oil records the biggest weekly loss in ten months

Post by rocky on Sun Feb 11, 2018 5:50 am

Oil records the biggest weekly loss in ten months
February 11 2018 11:02 p

Baghdad Post

Oil prices fell on Saturday, for the sixth day in a row, to record the biggest weekly loss in ten months, after increased US crude production, which reached a record high, fears of a sharp rise in global supplies. The decline coincides with the decline in global equity markets, amid investor fears about inflation. 

London Brent crude <LCOc1> fell 64 cents to $ 64.17 a barrel, and Brent fell 1.1 percent on Monday to its lowest close since Dec. 20. 

US WTI fell 90 cents to $ 60.25 a barrel after falling 1 percent in the previous session to its lowest close since January 2. 

The two contracts eroded more than 9 percent of the peak level of the current year, which reached the end of last month.

The Russian energy company «Gazprom» in an interview with the «Reuters», that Europe «will soon see a shortage of gas and rising prices, if it sought to rely on gas imports from the United States, to cover the increasing demand instead of increasing purchases from Russia . 

The administration of President Donald Trump announced its intention to "bring justice and balance to energy markets through a US gas offer to Europe and Asia," pointing to "the need to reduce what it called the market-distorting power of players such as Russia and OPEC. 

Russian gas supply to Europe has become increasingly political since Moscow cut its supplies to Ukraine in the past decade, amid disagreements over pricing and after Russia annexed the Crimea from Ukraine in 2014.

The West accuses Russia of using gas as a political weapon. Moscow blames the West for stopping its new projects, to build pipelines for political rather than economic reasons. 

The warning of a possible supply crisis comes as Gazprom prepares to launch large-scale deliveries to China, a move that is a reminder of Russia's oil strategy, under which Moscow has become a major supplier to Beijing at the expense of Europe. 

"The company will have enough supplies for Europe and Asia, but the time has come for Europe to decide where to get the gas," said Gazprom's deputy chief executive Alexander Medvedev. 

He considered that the whole of Europe «underestimated, when it assumed that it will not need a lot of additional gas, and that if it needed to the amount of it can be brought from outside Russia».

Gazprom's exports jumped 8 percent last year to an all-time high of 194 billion cubic meters, driven by rising demand and lower prices, giving it a record 35 percent in Europe.
Medvedev said that "the share could rise above 40 percent over time as Europe's demand for gas, production decline in the Netherlands and Britain, and the possible slowdown in Norway's production growth after 2025." "The US supplies will remain modest and high in price, and will go mainly to Asia," he said. 

Gazprom will start pumping pipeline supplies to China next year. Neil wants a market share of at least 0.1 percent in China by 2025. 

Medvedev stressed the ability to "pump as much gas as Europe needs, even if we enter a new market in China, but Europe must decide now."


    Current date/time is Sun Nov 18, 2018 10:18 am