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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Oil prices rise 1%, and Brent crude is above $116

    Rocky
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    • Post n°1

    Oil prices rise 1%, and Brent crude is above $116 Empty Oil prices rise 1%, and Brent crude is above $116

    Post by Rocky Tue 28 Jun 2022, 4:42 am

    [size=35][size=35]Oil prices rise 1%, and Brent crude is above $116[/size]
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    Economie

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    2022-06-28 | 04:32
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    Alsumaria News - Economy
    Oil prices rose about 1% during trading on Tuesday, as it seemed unlikely that major producers would be able to boost production significantly.


    The rise in crude prices comes for the third day, coinciding with the increase in political turmoil in...[You must be registered and logged in to see this link.]and Ecuador, which will have a significant impact on supplies.
     
    Oil prices today
    By 07:54 am GMT, the price of futures contracts for the benchmark Brent crude - for delivery next August - rose by 1.09%, to reach $116.34 a barrel.





     
    The price of West Texas Intermediate crude futures - for delivery next August - also rose by 1.20%, recording $110.88 per barrel, according to data seen by the specialized energy platform.
     
    On Monday, oil prices ended up by 2%, with Brent crude rising above $115 a barrel.

    Shortage of Supply
    The UAE and Saudi Arabia are seen as the only two OPEC countries with spare capacity available to make up for lost Russian supplies and weak production from other member states.
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    A commodities analyst at Commonwealth Bank said,[url=https://www.alsumaria.tv/Entity/3241334181/%D8%AA%D9%88%D8%A8%D9%8A%D9%86 %D8%AC%D9%88%D8%B1%D9%8A/ar/]Tobin Gauri[/url]In a note: “There is a wave of news of a lack of supply that has boosted the market, as two major producers, Saudi Arabia and the UAE, are said to be very close to production capacity limits in the near term.”
     
    The Minister of Energy of the United Arab Emirates said[url=https://www.alsumaria.tv/Entity/3672492498/%D8%B3%D9%87%D9%8A%D9%84 %D8%A7%D9%84%D9%85%D8%B2%D8%B1%D9%88%D8%B9%D9%8A/ar/]Suhail Al Mazrouei[/url]Yesterday, Monday, the UAE was producing almost to its full capacity based on its quota of 3.168 million barrels per day under an agreement with OPEC and its foreign allies, led by Russia, in the OPEC+ alliance.

    His comments confirmed those of French President Emmanuel Macron, who told the US President[url=https://www.alsumaria.tv/Entity/693544025/%D8%AC%D9%88 %D8%A8%D8%A7%D9%8A%D8%AF%D9%86/ar/]Joe Biden[/url]On the sidelines of the G7 meeting, the UAE is producing at its maximum capacity and that Saudi Arabia can increase production by only 150,000 barrels per day, much less than its reserves, which amount to 2 million barrels per day.

    Political tensions
    Analysts warned that political turmoil in Ecuador and[You must be registered and logged in to see this link.]It may further tighten supplies, Reuters reported.
     
    She said[url=https://www.alsumaria.tv/Entity/2079649370/%D8%A7%D9%84%D9%85%D8%A4%D8%B3%D8%B3%D8%A9 %D8%A7%D9%84%D9%88%D8%B7%D9%86%D9%8A%D8%A9 %D9%84%D9%84%D9%86%D9%81%D8%B7/ar/]National Oil Corporation[/url]The Libyan government said yesterday, Monday, that it may have to announce the force majeure conditions in the Gulf of Sirte region during the next three days unless production and shipping are resumed in the oil ports there.
     
    She said[url=https://www.alsumaria.tv/Entity/4226494834/%D9%88%D8%B2%D8%A7%D8%B1%D8%A9 %D8%A7%D9%84%D8%B7%D8%A7%D9%82%D8%A9/ar/]Ministry of Energy[/url]The Ecuadorean country may completely suspend oil production over the next two days amid anti-government protests.
     
    The former member of the Organization of Petroleum Exporting Countries (OPEC) was pumping about 520,000 barrels per day before the protests.

    Recession Fears
    Factors confirm the lack of supplies in the market, which led to the price recovery this week, to counter the recession fears that affected prices during the past two weeks.
     
    But analysts from Haitong Futures said market sentiment remains fragile as people await clearer guidance on the next step and geopolitical factors are in focus.

    Russian Oil
    A French presidential official also called on world powers to explore all options to ease the Russian pressure on energy supplies that has driven up prices, including talks with producing countries such as Iran and Venezuela.discuss leaders[url=https://www.alsumaria.tv/Entity/123713/%D9%85%D8%AC%D9%85%D9%88%D8%B9%D8%A9 %D8%A7%D9%84%D8%B3%D8%A8%D8%B9/ar/]group of seven[/url]A possible cap on Russian oil prices has been put in place in an attempt to curb the financing of Russia's war on Ukraine, which Moscow describes as a special operation.
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