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Economy News / Baghdad
Oil prices deepened their strong declines immediately after the release of US inventories data, as prices returned to 2021 levels, with a decrease of nearly 4% per day.
The US crude oil inventories data has now been released, which came in violation of expectations, recording a huge increase by more than 1.5 million barrels, while expectations were hovering around an increase in the range of 1.188 million barrels.
The US Energy Administration's information data revealed an increase in oil inventories by 1.550 million barrels, compared to expectations for an increase of 1.188 million barrels, while it recorded a decrease in the week before last by 1.694 million barrels.
Brent crude futures fell by 3.5%, to $74.7 a barrel.
The price of West Texas Intermediate crude fell by 3.7%, at $68.7 a barrel.
Oil settled yesterday
Oil prices fell at the settlement of transactions, yesterday, Tuesday, after the release of the “OPEC” report and inflation data in the United States.
Brent crude futures for May delivery fell by 4.1%, or $3.32, to settle at $77.45 a barrel.
The US West Texas Intermediate (WTI) crude for April delivery fell 4.6%, or $3.47, to $71.33 a barrel.
Russia's revenues fell in half
The International Energy Agency said that Russia's oil export revenues have almost halved in a year, while the volume of its exports remained largely unchanged.
In its monthly report on Wednesday, the agency said that a year after the start of the war in Ukraine and the sanctions that followed, Moscow has largely succeeded in finding new customers, but at a sharp cost to its income from oil exports.
In February, Russia's oil exports fell by 500,000 barrels to 7.5 million barrels per day, already their average over a year.
However, the agency said that the income generated by Russia from these exports decreased to about $11.6 billion, which is about $2.7 billion less than the previous month, and constitutes almost half of the revenue achieved in March 2022 after the outbreak of the war.
Meanwhile, Russia's Energy Minister, Nikolai Shulginov, reported on Wednesday; The government expects a decrease in the production of its oil and gas products this year, for many reasons, including external pressures.
Shulginov said that oil production will decrease slightly due to the voluntary reduction, adding that gas production will continue to decline due to the measures imposed by the European Union.
Remarks of the Saudi Energy Minister yesterday
Saudi Energy Minister Prince Abdulaziz bin Salman said, on Tuesday, that "a ceiling on oil prices will inevitably lead to market instability."
The Saudi energy minister added, "We will not sell oil to any country that imposes a price ceiling on our supplies."
The Minister of Energy affirmed the determination to maintain the OPEC + agreement to reduce production until the end of the year.
Saudi Aramco (TADAWUL:2222) announced that the Kingdom’s oil reserves in the fields operated by Saudi Aramco have increased to 338.4 billion barrels of equivalent by the end of December 2022, compared to 337.3 billion barrels of equivalent by the end of 2021.
Aramco stated that these reserves include 261.6 billion barrels of crude oil and condensate, and 36.14 billion barrels of natural gas liquids, in addition to natural gas reserves amounting to 246.7 billion standard cubic feet.
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