Oil prices decline In response to the White House plan


Oil prices decline In response to the White House plan The US Petroleum Institute (API) has announced a surprise increase this week for crude oil at 1.080 million barrels,
compared to analysts’ expectations for 1.558 million barrels

US crude inventories lost about 79 million barrels since the beginning of 2021 and about 22 million barrels since the beginning of 2020

In the previous week, API announced a decrease in crude oil inventories worth 3.0 million barrels
after analysts expected a decline of 1.558 million barrels



Oil prices

Latest Decisions of Movable Companies for Oil Market

Updates on the oil sector


Oil prices

Oil prices this week

On Tuesday, oil prices declined largely due to the White House’s plan to launch 180 million barrels of crude oil
from the National Security Treaty and the plans of other countries that could launch
the crude in a coordinated procedure against rising oil prices

The Western Texas mediator was trading down 2.41% at $100.80 a barrel a day, at a decrease of $4 a barrel a week Brent crude was traded down 1.96%during the day at $105.40 a barrel a day,
down by $5 a week 
At the end of the day, West Texas mediator was trading at $100.60 (-2.56%), while Brent crude was traded at $105.30 (-2.07%)


Oil production rates this week

The US crude oil production rose to 11.7 million barrels a day as of March 25
This was the first increase in US crude oil production for months
The US crude oil production remains down by 1.4 million a day from pre-pandemic times


Latest Decisions of Movable Companies for Oil Market

By raising all the prices loaded in May, Saudi Aramco raised the differences of its marketed raw materials to unprecedented levels setting its Arab main light stream of $9.35 a barrel on Amman/Dubai for Asian buyers

Saudi Arabia sells the vast majority of its crude oil under long-term contracts where the price difference is manually identified by the National Oil Company for a regional pricing

Saudi Aramco is usually based on its tiring movements to total changes in the futures curve in Dubai as last month witnessed a rise in price differences M1-M3 to $5 a barrel
with a three-month difference which reached $9 a barrel in March

Although Chinese demand decreased on the background of the closest operations imposed by the country because of Coronavirus but the lack of supplies along with very low inventories, oil markets remain very narrow

The US oil company Xon Mobile (listed on New York Stock Exchange under the code: NYSE:XOM) expect the writing off of $4 billion while trying to get out of the operation of the Russian LNG project Sakhalin-I

Excelerate Energy is an American company that develops and operates floating stations for LNG may begin the initial public subscription reason this year,
as the owner
the billionaire, George Kaiser seeks to gain about $400 million from the deal

The Brazilian oil company Petrobras (listed on the New York Stock Exchange under the symbol: NYSE:PBR)
has discovered a new oil field in the southern part of the Campus basin
which opened a new game with the mass partner (NYSE:BP)


Updates on the oil sector

The International Energy Agency is still discussing the joint release of oil

Member States of the International Energy Agency remain in talks on the quantity of oil which will be launched from its strategic inventories
leaving the United States as a single industrial state with its unprecedented amounts and timing of 180 million barrels


Floating mines are still dangerous to black shipping

Several maritime organisations reported that floating mines would continue to pose a threat to ships in the Black Sea
in the foreseeable future, Some estimates indicate that the number is 400 mines


Iraq increases pressure on Kurdistan

The Iraqi government called on Kurdistan to transfer its oil and gas activities to a new company (initially called a Kurdistan Oil Company)
representing the gradual return of Kurdish production under federal control, a step opposed by Erbil


Italy speeds up gas diversification efforts

Italy works to conclude its first deals to diversify gas supplies from Russia in the coming weeks
where Rome claims that they expect to receive 10 billion further cubic meters from Algeria, Libya and Azerbaijan


IPCC report warns that the equity of measures will not avoid climate change

The Intergovernmental Panel on Climate Change suggests that net human emissions have increased over the first decade through all major sectors worldwide
A new report of the Intergovernmental Panel on Climate Change warns that this contract will be a crucial contract for the climate as emissions have not reached their peak yet


The Eastern Coast of the United States is concerned about the lack of aircraft fuel

Aircraft prices rose on the Eastern Coast of the United States
where immediate market prices have already risen at $6.60 a gallon amid an unprecedented decline in middle distillation stocks
which were exacerbated by sanctions on Russian supplies and improving imports from Europe


Fuel suppliers in the Mediterranean stop Russian ship services

According to what was reported, the Mediterranean fuel vendors have stopped serving ships with the Russian flag,
imposing self-sanctions on most of them, making it difficult for the Russian shipping sector to continue to do business


Access to the road hinders oil prospects in Alaska

 Australian Santos (ASX:STO), a $3 billion oil-field operator on the northern slope of Alaska is still stuck in a legal dispute with NYSE: Cop on access to roads where its project can only be reached via roads passing through the last Kuparuk field


The only operational refinery was destroyed in Ukraine

The 363,000 BPD capacity is said to be severely damaged by Russian shelling making Ukrainian products in the future more dependent on imports


Singaporean authorities investigate pollution

After finding at least 14 vessels containing high-sulfur contaminated fuel oil in Singapore
causing engine failures, the Singapore Navigation and Ports Authority began to investigate this issue


ExxonMobil gets the fourth consent of Guyana

US oil company (NYSE:XOM) obtained the approval of the Guyana government to start working on the fourth marine project in Guyana a 250,000 BPD project,
which is scheduled to begin in 2025, with permission to ban routine burning

The protesters continue to change the oil infrastructure in the United Kingdom

Accommodation Group closed the entrance to Esso West Petroleum enterprise next to Heathrow Airport in London
representing another step in their campaign to disrupt oil stations
and refineries throughout Britain in their quest to pay for its dependence on fossil fuels