Oil prices decline despite stocks drop by more than 4 million barrels The US Petroleum Institute (API) announced that there is a sudden drop
for crude oil by 4.28 million barrels this week, compared to analysts’ expectations up 25,000 barrels

US crude inventories also lost about 77 million barrels since the beginning of 2021 and 20 million barrels since the beginning of 2020
Last week, API announced that there was an increase in crude oil inventories amounted to 3.754 million barrels after analysts expected a drop of 1.867 million barrels

Topics:

Changes in oil prices this week

Oil production rates this week

Latest Decisions of Movable Companies for Oil Market
Updates of Oil Sector

Changes in oil prices this week

Oil prices fell on Tuesday as the European Union is unlikely to reach an agreement to prohibit Russian oil and gas imports

In the middle of the day, the West Texas broker was traded down 0.73% at $111.3 a barrel on a day-an increase of $15 a barrel a week

Brent Crude was trading down 0.42% a day at $115.10 a barrel on the day – also higher by $15 a barrel

At the end of the day, West Texas mediator was traded at $111.30 (-0.73%),
with Brent Crude trading at $114.90 (-61%)

Oil production rates this week

Over 6 consecutive weeks, US Crude oil production, including last week, did not rise.

US oil production declined to 11.6 million barrels a day and is still 1.5 million barrels a day from pre-epidemic times

Latest Decisions of Movable Companies for Oil Market

Rockcliff Energy, an American gas exploration company, is said to be seeking $4 billion in a sale
where Haynesville’s production base has already exceeded a billion cubic feet of production recently

US Oil Company Exxon Mobil (New York Stock Exchange under Code: NYSE: XOM) has reinforced its portfolio
in the Mediterranean region by discovering another marine water for Cyprus,
as the company found another “high quality” gas tank in Block No 10,
it is the same as the cluster that has seen the capacity of 7 billion cubic feet in 2019

The Greater Italian Energy Company (NYSE: E) has registered an important discovery of oil and gas in the Algerian Birkin basin,
as it was reported that the Zamla Al Arabi concession contains
140 million barrels of crude oil and unspecified quantities of natural gas

Oil and gas producers in the Middle East returned to the vogue as a major disorder in Russian supplies puts the oil market in a state of tension

Germany is assigned to Qatar

for energy supplies, and Japan asked from the United Arab Emirates to increase its exports,
while the British Prime Minister travelled to Riyadh and Dubai
asking from Heavyweight countries in OPEC to increase their productions

Saudi Aramco has doubled its net income

for 2021 more vulnerable, with $110 billion,
dramatically, reducing its net profit and allowing it to issue free shares

Expecting an unexpected increase in profits in 2020, Saudi Aramco plans to increase its capital
expenditure in the area of excavation and production by about 40-50 billion dollars,
strengthening its position as a world-rested global product

Updates of Oil Sector

Members of the European Union are torn due to increased sanctions on Russia.

Internal pressure on members of the European Union is increasing, as many members called for a ban on oil imports on Russia.

Germany quickly reduced this initiative, where it claimed that any reduction of accreditation should be gradual

Saudi Arabia expects more Houthi attacks

Saudi Arabia has declared that it will not bear any responsibility for oil shortage in global markets
if other attacks from Al Houthi militias in Yemen cause damage, as the last attack on Sunday
caused a fire at an oil storage facility in Jeddah

Grand Petroleum Services companies are ashamed of full exit from Russia

The New York Oil Field Services (NYSE:HAL) and Schlumberger (listed on the New York Stock Exchange under the NYSE:SLB)
announced that they will call their future operations in Russia
while maintaining their current portfolio in line with international laws and sanctions

Germany wants a Qatari LNG deal

The German government indicated that it was about to cut a deal to a long-term supply of LNG with Qatar
This news comes on the background of Germany’s commitment to building 2 new LNG stations.

Qatar has not reached a limit that an agreement was concluded

Saudi Arabia and Kuwait agree on a joint gas project

Riyadh and Kuwait signed an agreement to develop the Durra gas field jointly,
which was discovered in 1960 but wasn’t used so far because it is located in a disputed border area.

It is expected to produce one billion cubic feet of gas daily and 84,000 barrels a day from capacitors at maximum production rates

Shell tries again with Al Gourap Field

After the initial development plan was rejected in the North Sea in the UK for environmental reasons last year.

British oil major Shell (LON:SHELL) has presented an offsetting scheme for the field
hoping that the current gas price environment will facilitate the decision

Oil Rock raises Argentine oil production

Increased production from the Vaka Rocky Factory in Argentina, which was already 222,000 barrels a day,
pushed total oil production in Latin America to the highest levels in 11 years last month,
an increase of 14% on an annual basis at 570,000 barrels a day

Belgium was stalled at the deadline for nuclear turnover for 2025

Fearing of higher fossil fuel prices, the Belgian government declared that it will extend nuclear power plants currently operating in the country,
DOEL 4 and TIHANGE 3, for another 10 years so as not to be turned off in 2025

Saudi Arabia expects the growth of reserve production capacity by 2025

Saudi Aramco seeks to increase its backup production capacity to 13 million barrels a day by 2027,
with growth in the first place of marine fields in Morgan, Bryan and Ceros.

The expected growth of about 1 million barrels a day indicates that current hopes in increased supply may be removed

Britain wants to nationalise its subsidiary company in the United Kingdom

British government is said to be instructed to nationalize the UK retail supply arm, Gazprom for marketing and retail.

This company is an entity that provides nearly 20% of the volume of commercial gas in Britain

It is difficult to extinguish the rail strike in Canada

The Canadian government has called for a rapid end of the strike in the second largest CAD in the country
(CP) as large quantities of wheat and potential fertilisers risk stumbling in the country at high prices

Oil prices decline despite stocks drop by more than 4 million barrels

Related Topics