Brent crude traded at $ 107.03-125.19 a barrel and WTI crude traded at $ 101.58-123.68 a barrel on the New York Mercantile Exchange last week.

The price of Brent crude oil was $ 113.04 per barrel as of 15:10 on June 28, 2022, and the price of WTI crude oil was $ 111.59 per barrel, compared to the previous week. Oil prices rose 1.06 percent and WTI oil fell 2.41 percent.

BRENT AND WTI OIL PRICE RESEARCH

  (2022.01.01-2022.06.28) 

 Эх сурвалж: www.oilprice.com 

OPEC+ is slimming down its projections for an oil market surplus this year, according to a report seen by Reuters.

The report, which was prepared ahead of the OPEC+ JTC meeting that will take place on Tuesday, showed that the OPEC+ group now sees the oil market surplus at 1 million bpd this year—down from their previous estimates of 1.4 million bpd.

The lowering of crude oil surplus projections comes as the OPEC+ group continues to produce under its quota. OPEC+ agreed to increase its production in May by 432,000 BPD. The group was unable to reach this target, undershooting it by 2.7 million BPD. For June, the OPEC+ group again agreed to lift its production by another 432,000 bpd, but the general consensus in the industry is that they will be unable to meet that quota too.

https://oilprice.com/Latest-Energy-News/World-News/OPEC-Sees-Oil-Market-Surplus-Shrinking-To-1-Million-Bpd.html

Russia is seeking to attract Asian buyers with high-quality crude oil

Russia has improved the quality of its flagship Urals crude grade in the past two months, making it lighter and sweeter, and even more attractive for buyers in Asia who aren’t shunning Russian oil, Reuters reported on Monday, citing data obtained by industry sources.

Urals was a key grade for export from Russia’s ports on the Baltic Sea and the Black Sea, and a lot of the volumes were going to Europe before the Russian invasion of Ukraine.

Now Russia’s oil exports are geared toward China and India, as Western buyers are shinning and sanctioning Russian crude oil and refined products, ahead of an EU embargo on seaborne Russian oil imports, set to kick in within eight months.

According to the data seen by Reuters, Russia’s Urals has become slightly sweeter—with lower sulfur content—and lighter, with higher API gravity numbers, over the past two months.

Lower Russian demand for low-sulfur crude and reduced operations at southern Russian refineries relatively close to Ukraine could be two of the reasons for sweeter and lighter Urals being shipped for Asian exports from Russia now, according to Reuters sources.

Improved Urals quality could be a further incentive for China and India to buy Russian oil, on top of the steep discount at which the Russian grade is being offered. As of June 23, the price of Urals was at a $35-a-barrel discount to the international benchmark, Brent.

Meanwhile, Russia is shipping increased volumes of its crude to China and India as the West shuns, bans, and sanctions Russian oil and products.

Just a few months ago, India was a small and insignificant buyer of Russian oil. Following the Russian invasion of Ukraine, the steep discounts have attracted many Indian buyers. 

Since April, India’s imports of crude oil from Russia have jumped by more than 50 times, to the point of representing 10 percent of all Indian imports, a senior government official told Business Standard last week. 

https://oilprice.com/Latest-Energy-News/World-News/Russia-Looks-To-Lure-Asian-Buyers-With-Higher-Quality-Crude.html

Oil rises $2/bbl after G7 vows new Russian sanctions

Oil rose $2 a barrel on Monday on the prospect of even tighter supplies loomed over the market as the Group of Seven nations promised to tighten the squeeze on Russian President Vladimir Putin's war chest while lowering energy prices.

Brent crude futures settled $1.97, or 1.7% higher, at $115.09 a barrel, while U.S. West Texas Intermediate crude closed up $1.95, or 1.8%, at $109.57 a barrel.

Stocks, oil higher as China relaxes quarantine rules

Global shares were higher on Tuesday while oil prices firmed following China's decision to ease some quarantine requirements for international arrivals that raising hopes for stronger growth and a revival in demand for commodities.

https://www.reuters.com/markets/europe/global-markets-wrapup-1-2022-06-28/

G7  to stand with Ukraine for as long as it takes'

SCHLOSS ELMAU, Germany, June 27 (Reuters) -

The Group of Seven clubs of wealthy nations on Monday vowed to stand with Ukraine "for as long as it takes", promising to tighten the squeeze on Russia's finances with new sanctions that include a proposal to cap the price of Russian oil.

The announcement came after Ukraine's President Volodymyr Zelensky, addressing G7 leaders at their summit in the Bavarian Alps via a video link, asked for weapons and air defenses to gain the upper hand in the war against Russia within months.

 

2022-06-28