Oil tries to find \’bottom\’ of correction decline

Crude Oil Price (May Brent crude futures) at 15.49 GMT on Tuesday, March 2, the price of crude oil rose 0.3% to $63.90 a barrel Brent.  The “black gold” market after recently reaching a 13-month peak ($67.7) has adjusted and is now trying to find the “bottom” of this correction. Market participants are trying to assess what decision OPEC can make this week on the level of oil production from April. The main factors in this situation remain quarantine measures from coronavirus and the prospects for recovery of the global economy. At the end of last year, the alliance identified 500,000 barrels per day as the maximum stage for a monthly production adjustment under the agreement. On March 4, OPEC may decide to increase the country’s oil production by this amount from April. The economic recovery in China, the world’s largest oil importer, may be a strong argument. The oil market is also following news of a U.S. intelligence investigation released by the Biden administration on Friday. They assume that the Saudi crown prince approved the operation to kill or seize journalist Jamal Khashoggi, who lived in the United States, at the Saudi consulate in Istanbul. In connection with this murder, the US imposed sanctions on the Saudi rapid reaction unit known as the Tiger Squad, as well as the former deputy head of Saudi intelligence. The Crown Prince was not on the sanctions list.

Iraqi oil exports decreased by 6.8% month-on-month to 82.877 million barrels in February. Exports from the southern and central parts of the country amounted to more than 79 million barrels, from kirkuk fields in the north of the country – about 3.772 million barrels. The average daily volume of Iraqi exports in February was recorded at 2.960 million barrels at an average price of $60.33 per barrel. Thus, the country’s oil revenue for the month rose to about $5 billion against $4.74 billion in January with the average oil price followed by the region of $53.3 per barrel. Global carbon dioxide (CO2) emissions in the energy sector have fallen to a top of 5.9% in 2020, the International Energy Agency (IEA) estimates. This was due to a 4% decrease in global energy demand in 2020 “coid”. In absolute terms, the decrease was an unprecedented 2 billion tonnes of CO2, equivalent to the total emissions in the European Union, the IEA calculated.

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