Oil prices go down again

at the end of the week oil prices were adjusted after 5-day growth. This morning, the pressure on the quotes remain. Metrostatistics from China turned out to be worse than expectations, returning to the agenda of anxiety due to the recession. At the same time, Saudi Saudi Aramco said she was ready to increase production to 12 million b/s. Brent futures could not return above $ 100 per barrel and now have every chance of re-descent to the $ 93-95 area.

Statistics from China do not inspire optimism

National Bureau of China statistics today Published weak macrostatistics for July. Retail trade grew by only 2.7% g/g, which turned out to be almost twice as lower than a forecast of 5% g/g. Industrial production increased by 3.9% g/g. Analysts expected 4.6% g/g. The bureau noted that the national economy retains positive dynamics, but “the basis for restoration is not fully strengthened.” In addition, the preservation of the risks of stagflation around the world was noted.

weak data on the country, the second largest economy in the world, strengthen the fears related With a world recession and a weakening of demand for fuel. Similar news often acts as intra -day oil sales.

Saudi Aramco can increase production to 12 million b/s

, Executive Director of the State Oil Company of Saudi Arabia on Sunday, told reporters that the company could increase production to 12 million b/s if the country’s leadership asks for this.

“We are confident in our ability to increase production to 12 million b/s at any time when there is a need or A request from the government or the Ministry of Energy will receive to increase our production, ”quotes the head of Reuters.

, the announced volume of 1.2 million used oil production in the kingdom. It can be used as a guideline in assessing the reserve capacities of the country that she is ready to put into work if necessary. Last week Reuters, citing sources, reported that Saudi Arabia plans to hold reserves to winter to have a space for maneuver, if due to The embargo on Russian oil the world will again encounter a supply shortage. This means that in the near future, mining in the kingdom will remain within the framework of quotas OPEC+. At the last meeting of the quota for the kingdom for September, it was planned at 11.03 million b/s.

Book activity in the United States

The number of active drilling plants in the United States last week increased by 3 lips, to 601 lips. A similar decrease was recorded in Canada. Drilling activity at the continent at the maximum since March 2020, which is still Not enough for sustainable production growth. This week on Thursday, the US Treasury will present an actual report on drilling activity in the country (Drilling Productivity Report), where there will be a forecast for shale production for a month in advance and data on DUC wells. Today, Brent futures are reduced by 1.1% and are traded at $ 97 per barrel.

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