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Oil Prices Soar and Hit Highest Level Since March

Written by Flavia Marinho

Published on 18/05/2020 at 16:39

Updated on 18/05/2020 at 16:47

Preços do petróleo saltaram e atingem o maior nível desde março

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Amid The Pandemic Caused By The New Coronavirus, Oil Prices Jump Again With Signs Of Demand Recovery.

Oil prices are rising sharply this Monday as drilling activity in the U.S. drops and production cuts take place in other countries. Petrobras Starts Testing In The Forno Area, In The Pre-Salt Campos Basin

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Supported by a strengthening demand for fuel as countries around the world ease restrictions imposed to curb the spread of the coronavirus, oil prices jumped 7 percent on Friday (15) and reached the highest level since March.

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U.S. oil (WTI) gained 19.7 percent last week, while Brent crude rose 5.2 percent during the same period, buoyed by bullish news.

As of 8:32 AM today (18), Brent crude was up $2.1, or 6.46 percent, at $34.6 a barrel. U.S. oil was up $2.8, or 9.51 percent, at $32.23 a barrel.

Both contracts recorded their third consecutive week of gains.

Production cuts are contributing to the market rebalancing. IEA estimates that in May, with the OPEC+ agreement and the effects in markets outside the group, oil supply will drop to 88 million barrels per day, down 12 million barrels per day compared to 2019, and the lowest production in nine years.

Anelise Lara, Petrobras’ Director of Gas and Refining, said last Friday (15) that fuel consumption improved in May.

According to her, diesel demand fell by as much as 50 percent in April, and is currently down 30 percent compared to the pre-crisis period; gasoline consumption dropped by up to 65 percent but is recovering to 40%-45%.

Oil Prices Soar and Hit Highest Level Since March

Amid The Pandemic Caused By The New Coronavirus, Oil Prices Jump Again With Signs Of Demand Recovery.

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With billions in loans, China is rebuilding Nigeria’s railway network from scratch, abandoning the British colonial tracks that have turned to scrap and creating a corridor of over 1,300 km to take the load off the roads of Africa’s largest economy.

China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

Forget petroleum-based asphalt: a Scottish company transforms 684,000 plastic bottles into one kilometer of road that is 60% more resistant and up to 10 times more durable, and the technology has already started replacing traditional asphalt in more than 30 countries.

Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

A robot named Walter does the work of five bricklayers per hour and can save the construction industry, where the average age of professionals is 46 years and almost no one wants to learn the trade anymore, in the United Kingdom.

Spain installs two giant pipelines 2.2 km off the coast to draw water from the Mediterranean and supply a megafacility capable of producing 200 million liters of drinking water per day.

While millions receive Bolsa Família, thousands of Chinese arrive to work in Brazil, exposing the uncomfortable debate about qualification, productivity, employment, and dependence on public money.

Philippines begin construction of the country’s largest desalination plant in a city without enough fresh water to grow, and the 66,500 m³ per day plant will transform the sea into drinking water for 50,000 homes in 24 months with reverse osmosis technology from SUEZ and JEMCO.

The first ammonia-powered cargo ship has already been realized with a capacity of 46,000 m³, dual-fuel engine, and a promise to cut carbon in heavy maritime transport.

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China modernizes the oldest metro line in Mexico City, taking on the renovation of 18.83 km, 20 stations, new trains, signaling, and maintenance for 19 years in one of the most crowded systems in Latin America.

Oil Prices Soar and Hit Highest Level Since March

Amid The Pandemic Caused By The New Coronavirus, Oil Prices Jump Again With Signs Of Demand Recovery.

Also Read

With billions in loans, China is rebuilding Nigeria’s railway network from scratch, abandoning the British colonial tracks that have turned to scrap and creating a corridor of over 1,300 km to take the load off the roads of Africa’s largest economy.

China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

Forget petroleum-based asphalt: a Scottish company transforms 684,000 plastic bottles into one kilometer of road that is 60% more resistant and up to 10 times more durable, and the technology has already started replacing traditional asphalt in more than 30 countries.

Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

A robot named Walter does the work of five bricklayers per hour and can save the construction industry, where the average age of professionals is 46 years and almost no one wants to learn the trade anymore, in the United Kingdom.

Spain installs two giant pipelines 2.2 km off the coast to draw water from the Mediterranean and supply a megafacility capable of producing 200 million liters of drinking water per day.

While Brazil sits on the pre-salt and still imports diesel, Turkey, which produces almost no oil, crossed half the world to drill 7,500 meters below the sea in Somalia in search of its own fuel.

Why didn’t oil reach $150 even after three months of the Strait of Hormuz being closed?

Farmer drills well in Ceará in search of water, accidentally finds crude oil and sees million-dollar discovery hindered by a rule that completely changes the future of the site.

Family finds oil on a 49-hectare site in Ceará, but exploration has no timeline or guarantee of happening

When drilling an artesian well, a farmer wanted water but found oil: ANP confirms that the dark liquid found by a farmer on a site in Ceará is crude oil.

While millions receive Bolsa Família, thousands of Chinese arrive to work in Brazil, exposing the uncomfortable debate about qualification, productivity, employment, and dependence on public money.

Philippines begin construction of the country’s largest desalination plant in a city without enough fresh water to grow, and the 66,500 m³ per day plant will transform the sea into drinking water for 50,000 homes in 24 months with reverse osmosis technology from SUEZ and JEMCO.

The first ammonia-powered cargo ship has already been realized with a capacity of 46,000 m³, dual-fuel engine, and a promise to cut carbon in heavy maritime transport.

How freelancers can organize their finances

China modernizes the oldest metro line in Mexico City, taking on the renovation of 18.83 km, 20 stations, new trains, signaling, and maintenance for 19 years in one of the most crowded systems in Latin America.