Oil prices rise again as inventories decline 2021-12-22T18:08:42 Oil prices rise again as inventories decline Oil prices rise again as inventories decline: Yesterday, the American Petroleum Institute declared a drop of 3.670 million barrels in crude oil stockpiles, while analysts expected a decline of less than 2.633 million barrels for the week. However U.S. Oil stockpiles dropped by 65 million barrels since the year’s beginning. Evest follows market developments in the following report. Topics: The American Petroleum Institute Oil prices for the week Oil production weekly rates Market’s drivers latest decisions The oil sector updates of the week OPEC reduces the targeted production of November Manchin’s veto prevents Biden from a bundle of $ 1.7 billion Libya declares force majeure over many of exporting stations A rise in the European gas prices The UK government wants to adapt to the climate policies of the new projects Chevron’s farms beat Suriname in Shell Toyota lines are hindered by a supplying chain Rosneft pledges to achieve zero-net emissions by 2050 The American Petroleum Institute In the last week, the API stated a decline of 815.000 barrels in oil stockpiles, compared with the 2.60 million barrels, expected by analysts. The API proclaimed a rise of 3.701 million barrels in gasoline stockpiles for the week ended Dec 17, following the previous week’s rise of 426.000 barrels. Distillates stockpiles declined by 849.000 barrels throughout the week, after it dropped by 1.016 million barrels in the previous week. This week, Cushing stockpiles rose by 1.272 million barrels. Oil prices for the week While fears of the demand decline rose due to Omicron on going infections, offer cases in Libya and the decline of U.S. stockpiles led again to a rise in prices. As a temporary support for oil prices, the clashes in Libya caused the declaration of force majeure over oil exports to lead to progressive pressures on prices. Also the news of U.S. crude stockpiles decline may be for the fourth week in a row, all these rising factors made prices rise on Tuesday morning. At the beginning of the day, West Texas Intermediate (WTI) crude rose more than 1% to $69.73 a barrel, only $1 up throughout the week. Brent crude rose more than 1% as well, to $72.56 a barrel, also $1 below last week’s rates. On Tuesday, oil prices rose 3% before data was published, after the 5% prices drop on Monday due to Omicron fears. Oil production weekly rates U.S. Oil production edged up, but consistently by the week ending Dec 10 _ the last week, the EIA published data about the production _ U.S. crude oil production was 11.7 million barrels per day (bpd) for the second week in a row, with a rise of 700.000 bpd since the year begging. Market’s drivers, latest decisions British Petroleum ( NYSE:BP) will buy the share of the American pipelines, BP Midstream partners (NYSE:BPMP) for $723 million as a total price, thus this is a structural simplification released by the state which no longer presents income tax replacement for limited partnerships. Shell (NYSE:RDS.A) has signed a contract of developing the wild block 10 in Oman by the share of 53%, aiming at producing 500 million cubic feet of gas from Saih Rawl field by 2023. Presidion Petroleum, controlled by the private sector, is conducting talks to buy about 5000 shale oil wells from Exxon Mobil (NYSE:XOM) in Fayetteville shale blocks in Arkansas, with initial estimations of $500 million. The oil sector updates of the week OPEC reduces the targeted production of November OPEC’s movement to reduce production is at least up to 117% in November, affected in the first position by Angola and Nigeria’s struggling against the production recovery and the endless maintenance issues. Manchin’s veto prevents Biden from a bundle of $ 1.7 billion Biden’s administration will have to renew the project of infrastructure law “better rebuild” of $1.75 trillion after senator Joe Manchin’s veto, which raised the possibility of excluding some parts such as methane fees from the final bill. Libya declares force majeure over many of exporting stations Libya’s national oil organisation declared the force majeure over crude oil exports in ports of Az Zawiyah and Mellita in the west of the country , after oil facilities’s guardians had taken the responsibility and the closure of production in most of the African countries’ fields in the west. Aker BP-Lundin Mega Deal is constructing an NCS giant Aker BP, the producer who concentrates on Norway will buy Lundin Energy (STO:LUNE) in the north sea for $14 billion , to unite efforts to become the second biggest company in the Norwegian Continental shelf. A rise in the European gas prices As gas delivery continues through the Russian pipelines to Germany at low levels and the vanishment of releasing Nord Stream 2 this year, the European TTF index rose for the second day in a row to 149 Euro per megawatt hour this week (approximately $52 per million British thermal unit). The UK government wants to adapt to the climate policies of the new projects After weeks of campo’s endangering, the UK government has released a national consultation about the future design of oil and gas licensing, seeking to guarantee that any new licences will meet the UK commitment to the climate changes. Chevron’s farms beat Suriname in Shell The giant American oil company, Chevron (NYSE:CVX) sold one third of the 60 stocks in the offshore block 5 licence in Suriname, just after a couple of months it has struck a deal of production sharing for 30 years in the most recent offshore shallow bid in the country. Toyota lines are hindered by a supplying chain Toyota motor corp (TYO:7203), the Japanese cars manufacturing company, has declared that it will stop production in five of its factories in January 2022 due to the lack of chips and the disturbances of the supply chain, after it has already slowed down the American production. Qatar is sponsoring the campaign of the small nuclear station in the UK Qatar investment authority has invested $110 million in the Rolls Royce project for improving small nuclear stations, which is expected to operate by the beginning of 2023, to enable the startup work unit to collect the needed capital. Rosneft pledges to achieve zero-net emissions by 2050 Rosneft (MCX:ROSN), the Russian oil corporation, controlled by the state has agreed on a new strategy for 2030, to achieve zero-net by 2050 (range1&2 of emissions) this is the first time a leading Russian company gives itself a strict final date to reduce carbon.