Crude Oil updates 3-month high above $46

The price of crude oil (January Brent futures) was up 15.1% at 15.10 GMT on Monday, November 23, to $45.55 a barrel Brent. The “black gold” market has been updating its highs since early September and rose to $46.13 on Monday.

With support for the oil market comes from the UK company Astra’eneca, which reported that the provisional analysis of the vaccine for COVID-19 showed an effectiveness of 70 to 90%. On Sunday, Monsef Slough, an adviser to the administration of incumbent U.S. President Donald Trump on vaccines, said that coronavirus vaccinations in the United States could begin on December 11. UAE Energy Minister Sukhel al-Mazroui said the UAE expects oil production to increase to 5 million barrels per day by 2030, thanks to the discovery of new fields in the Emirate of Abu Dhabi with a capacity of 2 billion barrels of traditional oil reserves and 22 billion barrels of unconventional oil reserves. Current oil production in the UAE is estimated at 2.2 million barrels per day.

Norwegian liquid hydrocarbons increased by 106 000 barrels per day (by 6%) In October, the Norwegian Petroleum Directorate (NPD) estimated at 1.877 million barrels per day. It was 9% lower than the NPD forecast.

Norwegian oil production in October was 1.611 million barrels (8.5% in September and 6.6% less than anticipated by npd). Production of a wide fraction of light hydrocarbons (SFLU) in the country in October amounted to 253,000 barrels per day, and condensate – 14,000. The amount of gas produced in Norway in October amounted to 287.9 million cubic meters per day, 13.2% less than the NPD predicted.

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