Monday, April 15, 2024

Oil prices will rise at the start of 2022 trading … Brent crude is above $ 78

Date:

Rose Oil prices Today, Monday, marks the start of New Year’s activities by focusing and focusing on the end of the OPEC + meeting scheduled for tomorrow, Tuesday, despite the fact that the Feith, Govt-19 virus infection continues to affect the sense of need. .

Oil prices ended trading on Friday – the last days of 2021 – declining, but the benchmark crude (Brent) recorded significant gains during the week and last month, reaching 2.6% and 10.2%, respectively, while its gains reached nearly 50. % In 2021. However, crude oil fell 0.9% in the fourth quarter of the year.

Oil prices today

07:55 AM GMT (10:55 AM Mecca time), futures pricesWest Texas Intermediate Crude Oil February Delivery – 0.81%, registering $ 75.82 a barrel.

Future prices also roseRaw Brent March 2022 delivery was about 0.82%, recording $ 78.42 a barrel.

This coincides with the announcement by the Libyan National Oil Corporation that the country’s oil production will drop by 200,000 barrels a day a week due to the maintenance of a large pipeline between the Sama and Tahra fields.

Excerpt from the OPEC + Ministerial Meeting – Photo from the Saudi Ministry of Energy website (October 4, 2021)

OPEC +

Meanwhile, 4 sources said that OPEC + will stick to the plan of adding 400,000 barrels a day to the supply in February. Reuters.

Last year, oil prices soared by almost 50%, triggered by a global economic recovery from the corona virus epidemic and manufacturer controls, even as epidemics around the world reached record levels.

U.S. health experts have warned citizens to be prepared for severe disruptions in the coming weeks as infection rates could worsen as schools reopen after increased holiday travel and New Year celebrations and the winter holidays.

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Oil prices in 2022

According to a Reuters poll last Friday, oil analysts have lowered their price forecasts for 2022 as the Omicron variable pushes headwinds to recover fuel demand and threatens to boost supply as manufacturers pump more oil.

According to 35 economists and analysts, the average price of Brent crude oil in 2022 is expected to be $ 73.57, about 2% lower than the $ 75.33 level expected in November. This is the first reduction in price expectations for 2022 since the August referendum. Dad.

U.S. crude oil prices are expected to average $ 71.38 in 2022, up from $ 73.31 in the previous month.

For its part, U.S. energy companies have sought to add more oil and natural gas drilling rigs, as demand has declined since the Corona virus in 2020, and higher prices have returned to drilling some drills.

U.S. crude oil production rose 11.47 million barrels a day in October, up 6% from a month earlier, as production in the Gulf of Mexico increased, according to the Energy Information Administration’s monthly report on Thursday.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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