Oil is getting cheaper amid gas crisis peak
The price of oil (December Brent futures) on Wednesday October 20 by 16.05 GMT 3 fell 1.1% to $84.1 per barrel of Brent. Bidders are playing down the hype in energy markets. So, gas prices have already become more stable and are holding around $1,000 per thousand cubic meters, and oil reserves have increased, which has eased fears about a supply deficit in the face of increased demand. The American Petroleum Institute (API) recorded last week an increase in oil reserves in the country by 3.3 million barrels with a forecast of an increase of only 2.2 million.
Iraqi Oil Minister Ihsan Abd al-Jabbar believes that oil prices could rise to $100 per barrel by the first quarter of 2022, although the country’s budget for next year includes a cost of $55-60 per barrel. At the same time, Kazakhstan is in favor of increasing oil production within OPEC. Minister of Energy of the Republic Magzum Mirzagaliyev said that Kazakhstan will hold such a position at the upcoming meeting of representatives in November alliance.
Meanwhile, oil imports from Saudi Arabia to China, which holds the first supply position, fell 1.2% in September to 7.96 million tons. Iraq reduced supplies to the Middle Kingdom by 24.7% to 4.4 million tons, Oman increased by 26.7% to 4.17 million tons, and Angola reduced supplies by 4.3% to 3.14 million tons. UAE oil supplies to China in September amounted to 2.94 million tons of oil – 14% more than in August, and from Kuwait – decreased by 5.2% to 2.38 million tons. From Malaysia to China received 1.92 million tons of oil – by 9.7% more than in August, Brazil reduced the figure twice by 1.61 million tons, the United States is 30% to 674 thousand tons. Supplies from Iran remain at zero ninth a month in a row.
American oilfield service Baker Hughes According to the results of 9 months, a net loss of $ 512 million decreased after a loss of 10.6 billion a year earlier. The company’s revenue has decreased by 1.3%, to $ 15.02 billion. A separated loss on the share amounted to 64 cents against a loss of 16.01 dollar a year earlier. In the 3rd quarter net Baker Hughes profit was $8 million against a loss of 170 million a year earlier. Diluted earnings per share were 1 cent versus a loss a year earlier of 25 cents. The company’s revenue for the quarter grew 1% to $5.093 billion.