Baku/03.06.20/ Turan: Reference oil prices rose yesterday on reports that producing countries led by Russia and Saudi Arabia could extend the current level of production cuts until September 1.
The OPEC + ministerial meeting will be rescheduled for June 4 from June 9, The Wall Street Journal reported citing sources.
On Wednesday night, on the ICE exchange in London, the cost of futures for Brent crude oil for delivery in August 2020 increased by 1.31 percent and amounted to $ 40.09 per barrel. The last time oil of this grade was worth more than $ 40 per barrel on March 6.
After some time, this grade of oil was already trading at $ 40.37 per barrel, but then it slowed down, TASS reports.
In turn, the price of WTI crude oil increased by 2.66 percent and traded at $ 37.57 per barrel.
"Expectations that the OPEC + countries will reduce the current level of production decline following the meeting this week support prices," say S&P Global Platts analysts.
According to experts, if the current level of reductions is maintained for another two months or more, "oil prices can increase growth, and Brent - up to $ 45 per barrel." –0-
Energy
-
"We need an agreement on a new ambitious climate finance goal here in Baku. Through various components, this goal should mobilize the funding necessary for developing countries," United Nations Secretary-General António Guterres stated at a media briefing at COP29 on November 21.he said.
-
A balanced energy transition is key to global sustainability, said Haitham al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), in his speech at a high-level meeting during COP29. He emphasized the continuing importance of oil and gas in meeting global energy needs, calling for a balanced and inclusive approach to the energy transition.
-
Natural gas currently satisfies 23% of global primary energy needs, said Mohammad Hamel, Secretary-General of the Gas Exporting Countries Forum (GECF), at the COP29 summit. He emphasized the indispensable role of natural gas in the global energy landscape, noting its contribution to economic growth, environmental sustainability, and food security.
-
The European Union (EU) has warned participants at the 29th UN Climate Change Conference (COP 29) in Baku that any backsliding on the commitments made last year at COP 28 in Dubai regarding the transition away from fossil fuels would be unacceptable. The EU insists that a similar commitment be included in the final decisions of this year’s conference.
Leave a review