the EU revises its economic growth outlook and Oil rises

After a two-year break, the United Arab Emirates began supplying rare oil shipments to Europe
ignoring the import of raw materials from Russia, Bloomberg reported, citing tanker tracking data

Evest follows market developments in the following report

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The UAE returns oil shipments to Europe after a two-year hiatus

Twitter stocks decline

The German economy grew 0.2% in the first quarter of 2022

Oil rises in conjunction with a lower-than-expected increase in US inventories

EU revises downward economic growth outlook

The UAE returns oil shipments to Europe after a two-year hiatus

According to the agency, the Moscow Spirit oil tanker, chartered by TotalEnergies SA’s shipping arm
travels to Rotterdam (Netherlands) with a shipment of about 1 million barrels of UAE oil

“The same company has Emirati oil on a giant tanker bound for Egypt
and The shipment is also likely to end in Europe
The shipment to Egypt is likely to pass through a pipeline through the North African country
to be erected in the Mediterranean port of Sidi Karir

According to tanker tracking data, the last shipment from the UAE was delivered to Europe in May 2020
when Covid-19 led to the collapse of the oil market

Twitter stocks decline

Twitter shares declined by 5.6% in Tuesday trading, down from Elon Musk’s average purchase price

In early April, Tesla’s president said he owned 73.12 million stocks on Twitter (about 9.2% of the company)
Musk’s average Twitter purchase price was $36157, according to Market Watch accounts based on regulatory filings

As a result of trading on May 24, Twitter stocks were valued at $35.76

Twitter reportedly accepted Musk’s offer of $44 billion on April 25, or $54.2 per stock
Thus, the current price of Twitter securities is 30.8% lower than the price agreed under the transaction

The German economy grew 0.2% in the first quarter of 2022

Germany’s economy grew 0.2% in the first quarter compared to the last three months
according to final data from the German Federal Statistical Office

In annual terms, Rosstat estimated Russia’s first quarter GDP growth at 3.5%

The index coincided with the pre-declared level and predictions of analysts surveyed by Trading Economics

In annual terms, GDP growth adjusted for the number of working days was 3.8%, while an increase of 3.7% was previously reported

Oil rises in conjunction with a lower-than-expected increase in US inventories

Oil prices rose on Wednesday as reports of a lower-than-expected increase in US inventories were published

Data from the American Petroleum Institute (API) showed an increase in US oil inventories for the week ending May 20 by 567 thousand barrels
Experts predicted an average increase of 690 thousand barrels

On Wednesday, the U.S. Department of Energy will release official data on energy reserves

The cost of the July Brent oil futures on the London Stock Exchange Futures on Wednesday was $114.94 per barrel
$1.38 (1.22%) lower than the closing price of the previous session
As a result of Tuesday’s trading, these futures rose by $0.14 (0.1%) to $113.56 per barrel

The price of West Texas Intermediate oil futures for July in electronic trading on
the New York Mercantile Exchange (NYMEX) was $111.11 per barrel by this time
$1.31 (1.19%) higher than the final value of the previous session
On Tuesday, the cost of these futures declined by $0.52 (0.5 percent) to $109.77 per barrel

WTI fell yesterday after the US Department of Energy declared its intention to sell another 40.1 million
barrels of oil from the Strategic Petroleum Reserve

Traders focus on the ongoing EU debate on the Russian oil embargo
Earlier, the Financial Times wrote that Prime Minister Viktor Orban considers it futile
to discuss an oil embargo against Russia at the level of EU leaders, as there is still no consensus on these measures

The ANZ survey indicates that “the prospect of European sanctions against Russia’s oil sector continues to decline

EU revises downward economic growth outlook

Valdis Dombrovskis, Executive Vice President of the European Commission
said the EU is revising its economic growth outlook downwards and inflation expectations upwards
but the EU economy is showing resilience

“Growth (for the economy – IF) will continue this year and next, but slower than previously expected
” he said on Tuesday after the meeting of the European Union’s Economic and Financial Council (ECOFIN)

“The European Union is the first in the list of advanced economies to be hit
This is not just because of our proximity to Russia and Ukraine
It is also due to the fact that we rely heavily on fossil fuels for energy supplies from Russia,” Dombrovskis added

Dombrovskis reiterated the importance of ending this reliance, which the REPowerEU plan aims to achieve
The EU energy mix will diversify away from Russian natural gas, as well as accelerate fossil fuel replacement with renewable energy

On Tuesday, a set of European first-half recommendations were made to ministers at the ECOFIN meeting
It also covered the few reforms and investments that were missing from national recovery and resilience plans

Special financial rules, which temporarily exempt EU countries from strict adherence to macroeconomic standards have been extended
The “general liability requirement” is part of EU treaties and has been applied during the COVID-19 pandemic
and The European Commission has proposed extending it until 2023 and deactivating it from 2024

The Vice-President of the European Commission emphasized that the “extension” of the general exemption
clause would give member States room for maneuver to respond if necessary
However, this does not mean, however, that the financial rules (EU-IF) are suspended

artical name the EU revises its economic growth outlook

the EU revises its economic growth outlook

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