Crude oil prices continued their broad gains as U.S. oil inventories fell to their lowest level since October (October) 2018. U.S. production was halted as a result of the aftermath of two hurricanes that hit the Gulf of Mexico.
There was also support for China’s new cash flow oil prices to tackle the effects of a major real estate group’s debt crisis, and the continued acceleration of the pace of supply of corona vaccines and the reduction of fears of delta variability, the resumption of investment appetite in the oil market and the resumption of demand for high risk assets.
In this context, the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday announced the release of a video containing the key objectives of the 15th edition of the “Mohamed Barcinto, Secretary-General, Presents Content” report on the Oil World Oil “OPEC” Forecast Report for 2021. And report. This will be followed by a panel discussion with the management and analysts of OPEC’s research department and questions and answers will be provided.
The OPEC report was first published in 2007 and provides an in-depth study and analysis of the global oil and energy industries and a comprehensive assessment of medium and long-term sensitivity. Development of the oil industry. Environment and sustainable development.
The report notes that the annual report provides a special analysis of the many challenges and opportunities facing the global oil industry, and that this year’s release lists the long-term horizon until 2045.
Barcinto pointed out that this year’s WHO report discussed the limitations of the epidemic, noting the value that the organization attaches to transparency and encouraging dialogue and collaboration, explaining that teamwork and collaboration are more important than ever.
He hoped the annual report would help increase understanding of global oil and energy markets among all stakeholders.
Experts and oil analysts told al-Ektizatia that “crude oil prices have remained stable amid rising supply restrictions and a fall in US crude stocks, which has fallen to a record low since October 2018.” As fears of a recession in China ease after the real estate group’s debt crisis is resolved, they are likely to continue their march towards the uprising.
Experts have suggested an increase in demand for crude oil due to the winter in the Northern Hemisphere, which is expected to be colder than usual in previous years, in addition to the “OPEC +” group’s continued production restrictions for a new ministerial meeting next October 4th. Finally, to assess the state of the market fundamentals in light of continuous improvement.
In this context, Mobit Mantra, vice president of the Austrian LMF Energy Company, said: Management information shows that.
He pointed out that the aftermath of the U.S. production crisis and the two hurricanes are still continuing and is particularly severely affecting the movement of crude oil prices and is pushing towards higher profits, especially since the hurricane Ida has continued to disrupt oil supplies. Operators in the Gulf of Mexico are struggling to return to normal production amid widespread technical barriers and difficulties.
Andrew Morris, director of Bowery International Consulting, believes the damage to U.S. oil facilities is still significant, reducing or preventing U.S. production from returning to normal about a month after the hurricane erupted. Official U.S. figures recorded the average U.S. crude production. 10.6 million barrels per day last week, an increase of 500,000 barrels per day on a weekly basis.
Despite the significant recovery in U.S. production, this is lower than previous expectations and estimates and is growing at a much slower pace because oil production was still 900,000 barrels per day less than US production levels before the catastrophic hurricanes. Ida and Nicholas.
David Desma, an analyst at South Court International, added, “This will certainly be an issue for discussion and research at the October 4 meeting of energy ministers at the OPEC + Committee, which will address the issue of the rapid increase in production, stagnant US production of 400,000 barrels per day, and so on.” We need to support supply, especially in the light of the demands of the United States and consumer countries to reduce petrol prices.
He expected the “OPEC +” group to adhere to the current limited production increase, as some of the group’s producers had already failed to meet the target, in addition to the announcement of new Chinese figures indicating a decline in China’s oil exports, and a narrow balance of government exports, which accounted for 23 percent of August exports. The lowest in months.
In turn, Winnie Aquillo, an American researcher at African Engineering International, says, “Market sentiment is positive and steady, and market fears are declining and global demand is accelerating. Barrel if colder than that. “
He said the group had added about $ 10 a barrel to price expectations compared to previous expectations, adding that tightening gas supplies in Europe would raise demand for alternative oil at a time when global crude oil production is high. Production controls are still under pressure due to the hurricane and the results of the “OPEC +” group.
On the other hand, in terms of prices, oil prices boosted profits on Thursday and the rise in demand for fuel and a bigger-than-expected fall in U.S. inventories affected production in the Gulf of Mexico even after two hurricanes.
The market was supported by the collapse of giant Chinese real estate developer Evergrande’s default feasibility and its potential effects on the world’s second largest economy, as well as a return to hunger for risky assets.
05:52 By GMT, US Texas crude was up about 25 cents, or 0.4 percent, at $ 72.48 a barrel, and Brent crude was up 26 cents, or 0.3 percent, at $ 76.45 a barrel.
Crude stocks in the U.S. fell 2.5 million barrels to 414 million barrels in the week ended Sept. 17, according to data from the U.S. Energy Information Administration, two crude oil rose 2.5 percent on Wednesday. Bigger decline than expected. Analysts.
OPEC crude, on the other hand, rose to $ 74.46 a barrel on Wednesday from $ 73.68 a barrel the previous day.
The OPEC, a daily report by the Organization of the Petroleum Exporting Countries (OPEC), said yesterday that “the price of a basket, which includes the average price of 13 crude from the output of member states, reached its second consecutive day last week, reaching about $ 1 a barrel, compared to 37.78 per barrel.” Dollars.
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