Oil loses its position on data on the growth of stocks in the US
Oil price (January Brent futures) On Wednesday, November 17, 17.20 GMT + 3 decreased by 0.7% to 81.8 dollars per barrel brand Brent. The Black Gold market is playing the data of the American Oil Institute (API) on the growth of its commercial stocks in the United States for 700 thousand barrels. Now analysts expect similar official statistics from the country’s Ministry of Energy. It is predicted that the Office will fix an increase in oil reserves by 1.4 million barrels.
In addition, speculators play a joint-American-Chinese sales card Oil from a strategic reserve. US President Joseph Biden in a conversation with the chairman of the PRC Si Jinspin called him to this.
Brazil represented by Minister of Energy and Mining Industry Bento Costa Lima Albuquerque stated that high oil prices are a consequence of the restoration of the global economy, and not the actions of the OPEC Alliance +. At the same time, Brazil is currently plans to enter into OPEC (there is no OPEC +), but firmly decided to interact with organizations in cooperation format, the Minister said. Albuquerque also stated that Brazil would begin to reduce the import of liquefied natural gas (LNG) in five years, and after eight – will export it. Gas mining in Brazil to 2030 will reach 260 million cubic meters per day, while now it is at the level of 125 million. In the meantime, the country intends to double the power of acceptance terminals for importing LNG to 8 pieces.
The new Gas Exporting Country Forum (FSEG) is elected representative from Algeria Mohamed Khamel – for a period of two years. FSEG – international Intergovernmental organization uniting the world’s leading exporters.
Azerbaijan in October fulfilled the obligations adopted under the OPEC + Agreement, considers the Ministry of Energy of the Republic. Oil production in the country last month was 585.9 thousand barrels per day. Taking into account the condensate, Azerbaijani production was 704.4 thousand barrels per day. At the same time, the decision, the Alliance for Azerbaijan envisaged an increase in daily oil production in October to 640 thousand barrels and an obligation to reduce up to 78 thousand barrels. Azerbaijan’s obligation to reduce production in November is 71 thousand barrels per day. This allows it to extract it in the current month by 64 thousand barrels of crude oil more than October.
