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For the third day, oil continues to rise in global markets
Shafaq News/ Oil prices rose for a third day, today, Tuesday, as it seemed unlikely that the two major producers, Saudi Arabia and the UAE, would be able to boost production significantly, while political turmoil in Libya and Ecuador increased supply concerns.
US West Texas Intermediate crude futures rose $1.39, or 1.27%, to $110.96 a barrel by 04:32 GMT, extending its 1.8% gain in the previous session.
Brent crude futures rose $1.65, or 1.43%, to $116.74 a barrel, adding to a 1.7% rise in the previous session.
The UAE and Saudi Arabia are seen as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity available to make up for lost Russian supplies and weak production from other member states.
UAE Energy Minister Suhail Al-Mazrouei said on Monday that the UAE was producing almost to its maximum capacity based on its 3.168 million barrels per day quota under an agreement with OPEC and its allies, called the OPEC+ community.
His statements confirmed the statements of French President Emmanuel Macron who told US President Joe Biden on the sidelines of the G7 meeting that 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, with a capacity of about 2 million barrels per day. today.
Analysts also warned that political turmoil in Ecuador and Libya could further tighten supplies.
These factors underscore the market shortage, which led to a rebound this week, to counter the recession fears that have affected prices over the past two weeks.
G7 leaders are discussing setting a possible ceiling for Russian oil prices that would hurt President Vladimir Putin's war chest while also lowering energy prices.
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.
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US West Texas Intermediate crude futures rose $1.39, or 1.27%, to $110.96 a barrel by 04:32 GMT, extending its 1.8% gain in the previous session.
Brent crude futures rose $1.65, or 1.43%, to $116.74 a barrel, adding to a 1.7% rise in the previous session.
The UAE and Saudi Arabia are seen as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity available to make up for lost Russian supplies and weak production from other member states.
UAE Energy Minister Suhail Al-Mazrouei said on Monday that the UAE was producing almost to its maximum capacity based on its 3.168 million barrels per day quota under an agreement with OPEC and its allies, called the OPEC+ community.
His statements confirmed the statements of French President Emmanuel Macron who told US President Joe Biden on the sidelines of the G7 meeting that 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, with a capacity of about 2 million barrels per day. today.
Analysts also warned that political turmoil in Ecuador and Libya could further tighten supplies.
These factors underscore the market shortage, which led to a rebound this week, to counter the recession fears that have affected prices over the past two weeks.
G7 leaders are discussing setting a possible ceiling for Russian oil prices that would hurt President Vladimir Putin's war chest while also lowering energy prices.
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.
[You must be registered and logged in to see this link.]
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