Oil Rises: OPEC+ Intensifies Supply Interventions and Reinforces Commitment to Market

Written by Paulo Nogueira

Published on 03/01/2024 at 17:29

Seja o primeiro a reagir!

Operations at Libya’s Important Oil Field Disrupted, Impacting Commodity Price and Contract Liquidity. Cracks in OPEC+ Alliance Evident.

The oil market closed higher due to disruptions in Libya’s operations and OPEC+’s commitment to stability. The most liquid oil contracts gained momentum and closed higher, with WTI oil for February 2024 rising 3.30% (US$ 2.32) to US$ 72.70 per barrel, and Brent for March, traded on the Intercontinental Exchange (ICE), rising 3.11% (US$ 2.36) to US$ 78.25 per barrel.

Oil, as a fossil fuel, is an important energy commodity in the global market. Crude oil is a fundamental part of the global economy and is affected by various factors, including geopolitical issues and decisions by major producers. Rising oil prices can impact various industries and consumers worldwide.

Oil: Impact of Operational Disruptions and the Red Sea

After a discouraging start, oil changed course and began to rise following the announcement that operations at the El Shahara oil field, one of the largest and most crucial oil fields in Libya, were halted, according to Libya Al-Ahrar.

ARTICLE CONTINUES BELOW

Oanda: New Attacks and Interruptions in Libya Drive Commodity Prices Higher

Oanda also mentions that new attacks in the Red Sea have driven commodity prices higher, along with the disruptions in Libya. However, it warns that if these events do not escalate, they do not pose significant upward risks to oil prices. ‘Brent and WTI are trading at low levels due to abundant supply in the market and the cracks in the OPEC+ alliance, which have created uncertainty regarding production cuts’.

OPEC+ Statement Reinforces Commitment to Market Stability and Global Economy

However, today OPEC+ issued a statement reinforcing its commitment to unity and market stability, in reference to Angola’s exit from the cartel. The text also highlights the group’s efforts to strengthen the global economy and overcome challenges, such as the COVID-19 pandemic.

Source: CNN Brasil

0 Comentários

Mais recente

Mais antigos Mais votado

Feedbacks

Visualizar todos comentários

Oil Rises: OPEC+ Intensifies Supply Interventions and Reinforces Commitment to Market

Operations at Libya’s Important Oil Field Disrupted, Impacting Commodity Price and Contract Liquidity. Cracks in OPEC+ Alliance Evident.

Oil: Impact of Operational Disruptions and the Red Sea

Oanda: New Attacks and Interruptions in Libya Drive Commodity Prices Higher

OPEC+ Statement Reinforces Commitment to Market Stability and Global Economy

While in Brazil a 10-story building takes 2 years to complete, in China a company stacks pre-fabricated modules and raises the entire building in just 28 hours and 45 minutes.

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

Seen from space, an image taken by an astronaut shows in Argentine Patagonia the exact point where a colossal glacier, a turquoise-blue lake, and a greenish arm of water meet, creating one of the rarest and most impressive landscapes in the region.

In the Saudi Arabian desert, the world’s largest green hydrogen plant is 80% complete and will use 4 gigawatts of solar and wind energy to produce 600 tons of clean fuel per day when it opens in 2027.

Welcome to Chongqing, the most cyberpunk city in the world, that takes you to the future in the blink of an eye.

The Brazilian president sent a direct message to Trump, Putin, Xi Jinping, and Macron, calling them all warlords and demanding that they fulfill their obligation to ensure peace.

While Mazda succeeded with the rotary engine, China attempted to apply it in trucks, but the low torque, high consumption, and wear led to the failure of the TJ140 project.

At the same time that a traditional farmer plants lettuce in the field and waits up to 90 days for the harvest, a single Japanese factory produces 30,000 heads of lettuce per day, without soil, without pesticides, and not dependent on the season, with automated harvesting that surprises the world.

Petrobras made two discoveries in the pre-salt of the Campos Basin in less than 30 days: “excellent quality” oil in Marlim Sul in March and hydrocarbons at 2,984 meters in April.

Oil Rises: OPEC+ Intensifies Supply Interventions and Reinforces Commitment to Market

Operations at Libya’s Important Oil Field Disrupted, Impacting Commodity Price and Contract Liquidity. Cracks in OPEC+ Alliance Evident.

Oil: Impact of Operational Disruptions and the Red Sea

Oanda: New Attacks and Interruptions in Libya Drive Commodity Prices Higher

OPEC+ Statement Reinforces Commitment to Market Stability and Global Economy

While in Brazil a 10-story building takes 2 years to complete, in China a company stacks pre-fabricated modules and raises the entire building in just 28 hours and 45 minutes.

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

Seen from space, an image taken by an astronaut shows in Argentine Patagonia the exact point where a colossal glacier, a turquoise-blue lake, and a greenish arm of water meet, creating one of the rarest and most impressive landscapes in the region.

In the Saudi Arabian desert, the world’s largest green hydrogen plant is 80% complete and will use 4 gigawatts of solar and wind energy to produce 600 tons of clean fuel per day when it opens in 2027.

Petrobras made two discoveries in the pre-salt of the Campos Basin in less than 30 days: “excellent quality” oil in Marlim Sul in March and hydrocarbons at 2,984 meters in April.

The government will pay R$ 1.20 for each liter of diesel that Brazil imports and for the first time in history requires distributors to reveal how much they profit — those who hide their margins will face fines of up to R$ 500 million…

Under kilometers of water, rock, and salt, Brazil hides a colossal wealth that led an official guide from the U.S. government to recognize the country as the owner of the largest ultra-deep oil reserves in the world.

Iran said that the Strait of Hormuz is open, but in practice only 1 non-Iranian oil tanker managed to cross in 24 hours — before the blockade, 100 ships passed per day.

Petrobras completes 1,300 hours of work and 15 km of subsea lines to connect the Búzios 90 well to the P-79 — the platform is ready to produce 180,000 barrels per day and is just awaiting ANP approval.

Welcome to Chongqing, the most cyberpunk city in the world, that takes you to the future in the blink of an eye.

The Brazilian president sent a direct message to Trump, Putin, Xi Jinping, and Macron, calling them all warlords and demanding that they fulfill their obligation to ensure peace.

While Mazda succeeded with the rotary engine, China attempted to apply it in trucks, but the low torque, high consumption, and wear led to the failure of the TJ140 project.

At the same time that a traditional farmer plants lettuce in the field and waits up to 90 days for the harvest, a single Japanese factory produces 30,000 heads of lettuce per day, without soil, without pesticides, and not dependent on the season, with automated harvesting that surprises the world.

Petrobras made two discoveries in the pre-salt of the Campos Basin in less than 30 days: “excellent quality” oil in Marlim Sul in March and hydrocarbons at 2,984 meters in April.