Click here to see over 150 global oil prices
Start trading CFDs on over 2200 more instruments
Click here to see over 150 global oil prices
Click here to see over 150 global oil prices
Start trading CFDs on over 2200 more instruments
Click here to see over 150 global oil prices
Click here to see over 150 global oil prices
Start trading CFDs on over 2200 more instruments
Click here to see over 150 global oil prices
Click here to see over 150 global oil prices
Start trading CFDs on over 2200 more instruments
Click here to see over 150 global oil prices
Learn More
A combination of emerging Covid infections in China, uncertainty over the G7 oil price cap, and emerging US oil inventories are in the U. S. The U. S. government pushed the oil price drop this week. While oil prices rose Friday morning, bearish sentiment is palpable.
November 25, 2022
With the oil price cap set to take effect in just 10 days, oil markets are bewildered waiting for an explanation on the true main points of the price cap. It failed because members may not agree on the most productive price. Media reports suggest that the oil price cap proposed by the G7 would be in the range of 65 to 70 per barrel, especially above what was initially expected. with the COVID collapse in China and the accumulation of inventories in the United States, this news drove the decline in the value of oil during the week.
China’s opening up is no longer real. Daily cases of Covid-19 in China hit a record high this week, surpassing 31,000, with Henan and Guangdong returning to lockdown mode while Beijing’s citizens were under the strictest restrictions since the pandemic began.
Proposal to limit Lambast fuel costs of EU countries shifting the source elsewhere.
Biden plans to build inventories of furnace oil. Biden’s administration is increasing fuel oil purchases from the Northeast furnace oil reserve because the existing million barrels of diesel (10-day supply) is not enough to mitigate the compression of the middle distillate.
Lula’s new era means more asset sales for Petrobras. Brazilian President-elect Lula da Silva’s transition team has called on Bolsonaro’s outgoing management to halt all ongoing asset sales of state oil company Petrobras (NYSE:PBR) while committing to a policy of non-intervention. .
U. S. oil giant Chevron (NYSE:CVX) may be allowed to particularly increase oil production in Venezuela if Nicolas Maduro’s government resumes Mexico-brokered negotiations with the opposition.
Iran’s nuclear program is provoking foreign anger. Following an IAEA report that found Iran was enriching uranium by up to 60% at its Fordow site, Germany, France and the UK condemned Tehran’s moves as a challenge to the non-proliferation system, reducing the chances of a deal with Iran at any time. Soon even lower.
Nigeria estimates the damage caused by oil theft at $2 billion. An investigation by Nigeria’s Senate found that the African country lost more than $2 billion to oil theft in January-August 2022 and that only 66% of the country’s oil production is secure, even with primary projects like Shell (LON:SHEL) made vulnerable to attack.
Big Chinese companies are accelerating divestment in the U. S. U. S. According to media reports, Chinese offshore oil company CNOOC (HKG:0883) is stepping up the sale of its US assets. two fields from the Gulf of Mexico States, Appomattox and Stampede.
Germany joins the Unexpected Taxes Club. Joining the ranks of the UK or Italy, Germany is set to introduce a 33% providence gains tax on oil, fuel and coal should its existing profits exceed their 2018-2021 average number by 20% or more. .
An Italian city launches a challenge that opposes the LNG terminal. The Italian city of Piombino has sued the country’s government over the allocation of a five-billion-m3 LNG terminal in the Tuscan port, saying work on the allocation only begins when promises of protection are provided to local fishermen. and businessmen
Building on the good fortune of its discovery of Venus in Namibia, French oil major TotalEneries (NYSE: TTE) plans to launch a drilling crusade off the west coast of South Africa, alongside the Namibian offshore block containing the supergiant’s discovery.
Ghana needs to pay for oil with gold. Ghana’s government is trying to formalize a new policy that would allow the use of gold instead of U. S. dollars to buy petroleum products, as the African country’s foreign exchange reserves have shrunk to just $6. 6 billion, a third less than the previous year.
A power outage shuts down Ukraine’s largest metal plant. Amid ongoing Russian missile movements in the power generation infrastructure, recurrent power outages have halted production at Ukraine’s largest metal plant operated through ArcelorMittal (AMS:MT) in Kryvyi Rih, as the existing power source is unsuitable for production, even at 20% capacity.
By Tom Kool for Oilprice. com
More in Oilprice. com:
Back to home page