Crude prices continue to record record levels today, Wednesday, the second of March, a few hours before the OPEC + meeting, taking advantage of rising market concerns about a possible disruption of oil supplies with the intensification of the Ukrainian-Russian war, as Brent crude tested levels of 113 dollars a barrel this morning, its highest level since June 2014 before retreating a little now, while US crude (NYMEX) tested its highest level since August 2013.
Russia is a strong figure in the world of the oil industry, as it accounts for 12% of total global exports, of which 53% are to Europe. us, this Russian-Ukrainian conflict was directly reflected in crude prices, especially after the imposition of str sanctions from the United States of America and Western countries on Russian entities.
The markets are awaiting, after a few hours, the meeting of OPEC and its independent allies from outside the organization in the OPEC + system, where reports indicate so far the organization’s commitment to its scheduled increase for April by 400,000 barrels per day, and that there are no indications that the system will change its policy despite the strong price hike and the Russian-Ukrainian crisis.
In a related context, the US Energy Information Administration will announce the official figures for US stocks in the US session last week, after the preliminary reading issued by the American Petroleum Institute yesterday, Tuesday, showed that stocks fell by about 6.1 million barrels (a decrease in gasoline stocks 2.5 and an increase in distillate stocks, which includes Heating and diesel fuel (about 400,000 barrels).
Brent crude is trading at levels of 109.60 dollars a barrel, an increase of about 4.40%, while American crude (NYMEX) is rising by about 4.77%, when it is trading at 108.34 levels.
05/11/2024
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