LONDON (Archyde.com) – Oil prices rose on Thursday, close to $120 a barrel, their highest level in nearly a decade, as sanctions hampered Russian oil sales, but the rally lost some of its momentum as prospects for an Iranian nuclear deal rose. Which may add supply to the market.
Brent crude prices rose to $119.84 a barrel, the highest level since 2012, and their prices received support from data that showed that US crude stocks reached their lowest level in years. But by 14:16 GMT, Brent crude had fallen to $112.75 a barrel. Brent has jumped by more than a third over the past month.
West Texas Intermediate crude rose to $116.57 a barrel, the highest level since 2008, before falling back to $109.66 a barrel.
Prices reversed course in early US trade following an Iranian reporter said on Twitter that a breakthrough had been made in talks aimed at reviving the Iran nuclear deal, which might mean the Islamic Republic’s oil might return to the market.
The head of the International Atomic Energy Agency is scheduled to visit Iran on Saturday, raising the prospects of an agreement.
Oil’s gains came earlier on Thursday following the latest round of US sanctions on Russia’s refining sector, raising fears that Russian oil and gas exports might be next targeted.
The OPEC Plus bloc, which includes member states of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, decided to increase production to the amount agreed upon in the production agreement, which is 400,000 barrels per day in March, despite the increase in prices and consumers’ demands for more crude.
Tag:
Russia and Ukraine
“OPEC Plus” raises production by 400,000 barrels in April
written by Alexandra Hartman Editor-in-Chief
LONDON (Archyde.com) – OPEC Plus sources said today, Wednesday, that the oil producers’ bloc agreed to abide by plans to increase production by 400,000 barrels in April, despite a sharp jump in prices amid sanctions once morest Russia over its military attack on Ukraine. Oil topped $110 this week, its highest level in nearly eight years, as Western sanctions tightened the noose further on Moscow, disrupting supplies from Russia, the world’s second-largest oil exporter. The measures taken by the West have also caused problems with exports from Kazakhstan, which is also a member of “OPEC Plus”, which is made up of the Organization of the Petroleum Exporting Countries (OPEC), Russia and allied oil-producing countries. And “OPEC Plus” has increased production by 400,000 barrels every month since last August, in the context of reversing the production cuts they had decided due to the decrease in demand for oil due to the Covid-19 pandemic. Four sources in “OPEC Plus” said that the ministers in the bloc agreed to abide by the existing production plans during an online meeting that lasted less than a quarter of an hour. This also came following a recommendation not to change the existing plans at the meeting of the Joint Ministerial Monitoring Committee. “The participants rejected the geopolitical tension as an influencing factor in the meeting,” a source said earlier, in reference to the preparatory talks that took place earlier, and affirmed their commitment to the basic factors. Russia described its actions in Ukraine as a “special operation” and said it had no intention of occupying it. The United States has repeatedly called for an increase in the bloc’s production. Yet very few countries have the additional capacity to increase production. The remaining effective cuts to OPEC Plus production due to the pandemic are 2.6 million barrels per day, and the bloc is expected to recover it by the end of next September. With demand recovering strongly due to the decline in the impact of the pandemic, oil prices jumped to sharp levels.
The UAE calls for a peaceful solution to the Ukrainian crisis
written by Alexandra Hartman Editor-in-Chief
New York (Union)
Yesterday, the UAE stressed the need to focus on the worsening humanitarian situation for civilians as a result of the Ukrainian crisis, including by working to ensure protection for them, and to prevent the humanitarian situation from reaching a situation that is difficult to treat and contain, calling for the need for restraint and a ceasefire. And work to resolve the conflict by peaceful means.
And she warned, in a statement made by the country’s delegation to the Security Council, that the continuation of the fighting would lead to more innocent victims and worse humanitarian conditions, exacerbated by the winter season.
“The humanitarian situation in Ukraine has deteriorated significantly in recent days, with the continuation of fighting causing damage to infrastructure and causing casualties and deaths among civilians,” she said in the statement.
She added: “According to United Nations reports, hundreds of thousands of residents suffer from a severe lack of basic services, as well, many homes have been damaged and destroyed, and hundreds of thousands of residents have become displaced or refugees in neighboring countries, and in this sense, all civilians must be able to Those trying to get to a safe place can do so unhindered and without discrimination.”
And the UAE continued in its statement: “Due to the Ukrainian crisis, we stress the need to focus on the deteriorating humanitarian situation for civilians, including by working to ensure the provision of protection for them, and to prevent the catastrophic humanitarian situation from reaching a situation that is difficult to address and contain.”
For its part, the UAE is looking into the Ukrainian humanitarian needs resulting from the crisis, out of its constant keenness to alleviate the suffering of civilians under the weight of the conflict, according to the statement.
“We condemn the violence in Ukraine, and we reiterate the need for restraint, a ceasefire, and work to resolve the conflict by peaceful means,” she said, pointing out that the continuation of the fighting will lead to more innocent victims and poor humanitarian conditions, which are exacerbated by the season. Winter and severe cold waves, while civilians are looking for shelters and safe areas in light of the current crisis.
The state urged all parties to implement their obligations under international law, including by allowing humanitarian aid to reach those in need, and not to target civilians.
In the statement, she reiterated the need to adhere to the principles of international law and the Charter of the United Nations, especially in terms of respecting the sovereignty, independence, territorial integrity and territorial integrity of states, saying: “These principles on which the United Nations was founded apply to all Member States, regardless of their capabilities, capabilities and geographical size. ».
She concluded by saying: “We reiterate the importance of working to reach an immediate ceasefire, and seeking peaceful solutions to serve regional and international security and stability.”
Gargash: Diplomacy and negotiation are the priority of the UAE in the Ukrainian crisis
written by Alexandra Hartman Editor-in-Chief
His Excellency Dr. Anwar bin Mohammed Gargash, the diplomatic advisor to His Highness the President of the State, affirmed that in the Ukrainian crisis, our priorities are to encourage all parties to adopt diplomacy and negotiate to find a political settlement that ends this crisis.
His Excellency wrote in a tweet on his official account on Twitter today: “The world is facing a difficult test and severe polarization imposed by the Ukrainian crisis, which threatens the foundations of the international community and increases the factors of instability. From our experience in a region full of crises, we believe that political solutions and creating balances enhance security and stability.” It is the best way to confront crises and limit their effects.”
His Excellency added: “The UAE’s position is firm towards the basic principles of the United Nations, international law, state sovereignty, and its rejection of military solutions. We believe that alignment and positioning will only lead to more violence, and in the Ukrainian crisis, our priorities are to encourage all parties to adopt diplomacy and negotiate to find a political settlement that ends this crisis.”