EUR/USD 1.14879
-0.347%
Gold 4053.01
-1.233%
Oil 83.321
0.814%
USD/JPY 160.233
0.455%
GBP/USD 1.34190
-0.343%
GBP/JPY 215.021
0.120%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Bank of England Chief Economist Peel: I think there may be a slower, more insidious second wave of effects.Bank of England Chief Economist Peel: We may face considerable energy price volatility by 2027.July 31 – Despite the disruption of approximately 500,000 barrels per day of production at ExxonMobil (XOM.N) due to the conflict with Iran, the company remains committed to its Middle East growth plans. Chief Financial Officer Neil Hansen stated, “We don’t make broad investment decisions based on today’s headlines. We can thrive in these kinds of environments and remain committed to our current and future investments in the region.” Before the outbreak of the war in late February, ExxonMobil’s combined crude oil production in the UAE and Qatar was equivalent to 900,000 barrels per day, accounting for about one-fifth of its global production, both of which have been severely impacted. Furthermore, two gas projects in Qatar in which ExxonMobil holds partial stakes were also severely damaged in the Iranian attacks, resulting in the suspension of approximately 450,000 barrels per day of production in Qatar and another 50,000 barrels per day in the UAE. Hansen stated that some of the company’s production in the UAE is currently stored in inventory awaiting the lifting of transportation restrictions. Hansen added, “We’ve noticed that some companies see the absence from such an important region as an advantage. We believe this view is very short-sighted and not in the best business interest.”The National Highway Traffic Safety Administration (NHTSA) is investigating 1.2 million Tesla (TSLA.O) vehicles for suspension issues.According to CCTV: Li Qiang chaired an executive meeting of the State Council, which decided to approve four nuclear power projects, including the first phase of the Zhuanghe nuclear power project in Liaoning.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

118.png


Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

Suggestion