Oil prices hit high following Houthi attack in UAE and raised concerns of Russian invasion of Ukraine 2022-01-19T18:50:23 Oil prices hit high following Houthi attack in UAE and raised concerns of Russian invasion of Ukraine Oil prices hit high following Houthi attack in UAE and raised concerns of Russian invasion of Ukraine: According to Reuters, on Tuesday, oil prices hit its highest since 2014 , amid investors’ worries of the international political tensions including biggest producers such as UAE and Russia, which would lead to bad expectations of the actual limited supplies. Evest follows market developments in the following report. Topics Oil prices for the week Market’s drivers latest decisions The sector situation for the week The oil sector updates Oil prices for the week The Houthi drone attack in UAE led to an escalation in one of the world’s biggest producers, adding a big geo-political rise to prices, in a market that is actually at stake due to the potential Russian invasion of Ukraine. Oil prices rose in the first two sessions this week, as Omicron has failed in having big effects on the global demand of crude, besides the latest reports noting the possibility of not having an impact on lungs, compared to the previous variants. Brent crude futures rose $1.03 or 1.2% to $87.51 a barrel. While West Texas Intermediate (WTI) crude closed on a $1.61 rise or 1.9% to $85.43 a barrel, according to Reuters. Market drivers latest decisions British Petroleum (NYSE:BP), a giant British oil company has struck a contract with Oman’s authorities to form a free zero teamwork , to assess wind energy and solar energy data of 8.000 kilometers of Osman’s lands, renewable projects are also expected to be launched. Total Energies (NYSE:TTE), a giant French oil company has sold its share in block 14 in Angola to the domestic company Somoil, noting that it wants its purse to include the low costs and emissions assets. Shell (NYSE:RDS.A), headquartered in London was in light spot as it has won the latest main auction of offshore wind energy , by landing with Scottish Power Renewables in the world’s first floating wind energy farm. The sector situation for the week The geopolitical dangers are rising along with fears of a Russian invasion of Ukraine and the latest news of Houthi drone attack in UAE. Petro has promised to replace the production of oil and gas with an economy based on knowledge and tourism, noting that there are about 12 years to finish the current producing assets. With a production of two billion barrels of a 6.5 year-reserved crude, Columbia is still an important resource of thick crude to the complicated refineries in USGC, the market’s biggest outlet. The oil sector updates UAE attack escalates the regional tensions A killing missile attack in ADNOC’s stockpiles area in the industrial zone, near Abu Dhabi’s airport led to a sudden decline in the security climate of the Arab peninsula, while concerns of more potential attacks have been raised. The USA is studying Europe’s gas emergency plans U.S. authorities have conducted talks with several giant oil and gas companies about emergency plans to provide Europe, with natural gas in case of a Russian-Ukrainian conflict has struck, as the Russian pipeline of course will be suspended. Libyan oil production is back As four crude fields and condensers in Libya’s western regions resumed work last week, the northern African country has raised its production to 1.2 million barrels per day. However this short respite doesn’t change the fact of potential disturbances in the future, because the lack of money makes adequate maintenance a hard issue. OPEC sees that oil markets are well-supported in 2022 OPEC’s latest monthly report repeated the group’s vision of a well-supported market in 2022. As the global demand rose by 4.15 million bpd yearly, exceeding the 100.000 bpd in the third quarter. A court in the UK sacks climate’s activists A supreme court in the UK denied activists’ allegations, accusing oil and gas arranging authority of assessing oil and gas projects unlawfully on a pre-tax basis. This forms an example of more issues, being aroused by activists against the UK government. Gazprom doesn’t provide Yamal pipeline with gas After one month of the reversed supplies through Yamal’s pipeline, Gazprom, the giant Russian oil company , has again sent shocking waves all around Europe by not supplying any gas to Europe through Yamal in February 2022. Japan wants to drill for oil Inpex (TYO:1605), a Japanese oil and gas explorer, is conducting drilling operations along the country’s western coast from March to July, hoping to find natural gas residues to ease Japan’s dependence on imported hydrocarbons by 98%. Norway grants 53 licenses to drill for oil In its latest external licensing auction APA 2021, Norway offered 53 blocks to giant regional companies such as Equinor (NYSE:EQNR), Aker BP (FRA:ARC) and London Energy (STO:LUNE) to get licensing shares of 26, 15 and 10 in a row. China’s Bunker occupies Singapore PetroChina, a Chinese oil and gas company has become the world’s biggest offshore fuel exporter to Singapore, the world’s biggest fuel importer, exceeding the ex-leader, Shell (NYSE:RDS.A) followed by the world’s leading companies Vitol, Trafigura and Glencore. The biggest German producer of energy supports the liquefied gas station The chief of RWE (FRA:RWE), Germany’s biggest producer of energy, said if the country’s supply security, was narrowed to gas at the end, he would be in need of the liquified gas station in Brunsbüttel. China’s coal production hits its highest ever In December, China’s coal production of 384.67 million tons was the highest ever, exceeding November’s production by 4% to put an end to a year when China ordered its mine workers to work with maximum energy. India is getting close to Iraq Reports has shown that Hindustan Petroleum, an Indian government company that was about to finish expanding work in Vizag refinery of nearly 300.000 bpd, has struck an importing deal with SOMO, Iraq’s government oil marketing company to buy more than 100.000 billion tons per day from Al-Basrah.