Oil Rises and Reaches Nearly Three-Year High; Vitol Sees Barrel Above $80 Due to Energy Crisis

Written by Fabio Lucas Carvalho

Published on 24/09/2021 at 23:21

Foto: Pixabay

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Oil Price Rises and Hits Highest Level in Three Years. Barrel Price Expected to Stay Above $80 Due to Energy Crisis

This Friday, on the 24th, the price rose for the third consecutive week to a peak of almost three years. Disruptions in global oil production forced companies to withdraw large quantities from the stocks.

Brent futures contracts rose $0.81, or 1.1%, closing at $78.90. U.S. oil increased by $0.68, equivalent to 0.9%, closing at $73.98. In addition, this marked the third week of gains for Brent and the fifth week of increases for WTI, mainly due to disruptions in oil production on the U.S. Gulf Coast United States.

energy crisis oil price fuel — **Image of an oil platform. Photo: Pixabay**

Louise Dikson, market analyst at Rystad Energy, commented on the matter with Reuters: “As oil prices are about to close another week of gains, the market is assessing a prolonged impact of supply disruptions and the likely storage cuts that will be necessary to meet refinery demand.”

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Oil Barrel Price Is Expected to Stay Above $80 Due to Energy Crisis, Says Vitol

Vitol stands out as the largest independent oil trading company on the planet. The company anticipates an extra increase in global oil demand of 500,000 barrels per day in the Northern Hemisphere due to the energy crisis caused by the lack of gas.

As a result, the price of oil is expected to exceed $80 per barrel. Russel Hardy, CEO of Vitol, emphasizes that this increase is partly because high gas prices raise oil demand.

“Can demand surprise us positively because of the energy switch? Yes. Is it likely that there will be half a million barrels per day of extra demand due to gas prices? Probably, during the winter.” said the CEO.

Oil Rises and Reaches Nearly Three-Year High; Vitol Sees Barrel Above $80 Due to Energy Crisis

Oil Price Rises and Hits Highest Level in Three Years. Barrel Price Expected to Stay Above $80 Due to Energy Crisis

Oil Barrel Price Is Expected to Stay Above $80 Due to Energy Crisis, Says Vitol

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Oil Rises and Reaches Nearly Three-Year High; Vitol Sees Barrel Above $80 Due to Energy Crisis

Oil Price Rises and Hits Highest Level in Three Years. Barrel Price Expected to Stay Above $80 Due to Energy Crisis

Oil Barrel Price Is Expected to Stay Above $80 Due to Energy Crisis, Says Vitol

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.

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

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.

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With 7.4 trillion tons of artificial snow pumped in 10 years, an extreme operation could stabilize the West Antarctic ice sheet and prevent a sea level rise of more than 3 meters, but it would require snow cannons, ocean water, and energy on an almost industrial scale at the end of the world.

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.

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The SUS waiting list for surgeries has more people than the entire population of six countries.

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São Paulo and the Atacama are at the same latitude: what separates a metropolis of 22 million people from a desert is a forest 3,000 km away.