Tuesday , August 16 2022

Oil sediments are on the list of oil inventories


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Oil prices have fallen today, according to the Energy Information Administration, crude oil reserves totaled 3.6 million barrels on November 23. This is only $ 4.9 million per week. Barrels have been extracted.

The EIA reported yesterday that the American Petroleum Institute has increased the index by 3.453 million barrels, which did not have any impact on the price.

According to the EIA, last week the petrol reserves were 800 thousand barrels, and the distillate fuel reserves were 2.6 million barrels. A week ago, authorities petrol 1.3 million tons of gasoline. Lowered to barrels and estimated 100,000 barrels of distillation fuel reserves.

At the same time, production will rise to a new level and will continue at many prices until the oil prices continue to decline rapidly. However, the probability of this situation is relatively low. OPEC will discuss a new phase of industrial abbreviations in Vienna next week, and most analysts are awaiting re-engagement with Russia after negotiations.

However, Morgan Stanley denies a 33% chance of a cartel or disagrees with a reduction in production, in which case the fall in prices puts pressure on economic downturn and concerns about crude oil. Proof of production cuts is simple enough: market share. Some members of the OPEC, in particular, said that Libya is expected to be released from any break.

Apart from the OPEC meeting, oil market monitors will control the G-20 meeting, where Russia may or may not make specific arrangements. As it has been the case for the last time, Moscow would be a major ally in the cartel, if it decides to take that decision, or if it decides to take part in a break or negotiation.

For Irina Slava Oilprice.com

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