Tuesday , July 27 2021

Barrel sank to 7 months after low crude oil sales in the United States

International oil prices At the end of this operation, this Wednesday is colored on both sides of the Atlantic after the US government's report has shown a seventh consecutive weekly increase in crude oil stocks and an increase in production.

Brent Oil Supply Contract in January dropped by 0.08 percent to $ 72.07 a barrel on the market
Intercontinental Oil Exchange (ICE) futures London.

In the US continent, the WTI reference barrel at Mercantile Exchange New York closed at a low of 0.87 percent to $ 61.67 per barrel, with the longest loss in 2014.

Crude oil collapsed as stocks in the United States surpass the plans of the Organization of Oil Exporters (OPEC) to reduce crude production.

The International Agency for Energy (IEA) report showed that raw stocks rose by 5.8 million barrels a week by November 2.

Prices earlier rose at a session in the report that OPEC and its allies are considering new cuts of freshness of production.

The figure has removed the positive impact of the market early in the day after reports suggesting that Russia and Saudi Arabia will analyze the production of cutting oils in 2019.

The OPEC ministers' meeting in Abu Dhabi this weekend will discuss options for 2019, including a supply restriction scenario, the delegates said.

This would mark the sudden end to a six-month increase in production, reflecting the possibility that US sanctions on Iran are not deep enough to prevent another wave of US slate oil from creating a new surplus.

Concerns over the supply of crude oil at a four-year high last month faded because of speculation that President Donald Trump's government would mitigate the impact of its sanctions on Iran to lower pump prices in its country.

OPEC, led by Saudi Arabia, also pledged to compensate for any supply gap, while the United States forecasts that its oil production will grow at a record level this year.

The production of the three largest producers in the world, Russia, the United States and Saudi Arabia for the first time in October exceeded 33 million barrels a day, which means that these three countries cover more than a third of nearly 100 million barrels a day. the global consumption bill.

Iran's crude oil exports dropped to more than 2.5 million barrels a barrel a day in April (bpd) in April, according to Refinitiv Eikon, although analysts expect an increase in bids after November due to exemptions.

Just a month ago, crude oil reached the highest level since the last four years, exceeding $ 86 per barrel, given the market's concern due to the lack of supply, since then prices have fallen by more than 15 percent,

With information from Reuters, Notimex and Bloomberg.

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