First modification:
International oil futures benchmarks rose to eight-year highs, wheat to 14-year highs, and aluminum, as well as benchmark Dutch gas and European coal contracts, hit new highs amid pressures from the Russian invasion of Ukraine.
An unstoppable rise. The prices of Petroleum rose above $110 a barrel as Russia intensified its attacks on Ukrainian territories. Benchmark Brent was trading at $110.03 at the start of the session, but continued its upward trend shortly after on market concerns about a global supply crisis.
For its part, Brent crude oil for delivery in May reached 111.59 dollars in the London futures market, a record since July 2014 and represented an increase of 6.3% compared to the close of the previous day.
Russia, the world’s second largest oil exporter after Saudi Arabia, is also the largest producer of gas natural. According to experts, producers have little spare capacity, which is why OPEC is failing to meet its production targets.
The Organization of the Petroleum Exporting Countries and its 10 allies, including Russia, have confirmed they will add 400,000 barrels a day of crude to their supplies, a small planned increase since July last year.
In a statement, the organization said that at the end of a brief virtual meeting of the ministers of the sector of the 23 countries of the alliance known as OPEC +, the decision was made despite the fact that oil prices have skyrocketed due to the war in Ukraine. .
According to the communication, there was “consensus” that at the moment the oil market “is well balanced” and that “the current volatility is not caused by changes in market fundamentals, but by current geopolitical events.”
The German government announced that it will release 434,000 tons of its national oil reserves, in line with an agreement by members of the International Energy Agency, IEA, in response to the war in Ukraine.
This figure is consistent with the 5.4% share that corresponds to Germany in the framework of the IEA agreements.
“Oil has been rising on the growing perception that Russian oil cannot be ‘traded’,” said ED&F Man Capital Markets analyst Edward Meir.
Russia accounts for about 10% of the world’s oil supply.
On the other hand, Russia and Ukraine account for around 29% of China’s exports. wheat. Wheat prices hit $10.59 a bushel, the highest since March 2008.
Fears of supply shortages stem from the fact that Russia, under international sanctions, supplies the European Union with 40% of its gas needs. Likewise, it represents 40% of the world production of palladium10% of the supply of nickel and 6% of world production of aluminum.
With Reuters and EFE
First modification:
International oil futures benchmarks rose to eight-year highs, wheat to 14-year highs, and aluminum, as well as benchmark Dutch gas and European coal contracts, hit new highs amid pressures from the Russian invasion of Ukraine.
An unstoppable rise. The prices of Petroleum rose above $110 a barrel as Russia intensified its attacks on Ukrainian territories. Benchmark Brent was trading at $110.03 at the start of the session, but continued its upward trend shortly after on market concerns about a global supply crisis.
For its part, Brent crude oil for delivery in May reached 111.59 dollars in the London futures market, a record since July 2014 and represented an increase of 6.3% compared to the close of the previous day.
Russia, the world’s second largest oil exporter after Saudi Arabia, is also the largest producer of gas natural. According to experts, producers have little spare capacity, which is why OPEC is failing to meet its production targets.
The Organization of the Petroleum Exporting Countries and its 10 allies, including Russia, have confirmed they will add 400,000 barrels a day of crude to their supplies, a small planned increase since July last year.
In a statement, the organization said that at the end of a brief virtual meeting of the ministers of the sector of the 23 countries of the alliance known as OPEC +, the decision was made despite the fact that oil prices have skyrocketed due to the war in Ukraine. .
According to the communication, there was “consensus” that at the moment the oil market “is well balanced” and that “the current volatility is not caused by changes in market fundamentals, but by current geopolitical events.”
The German government announced that it will release 434,000 tons of its national oil reserves, in line with an agreement by members of the International Energy Agency, IEA, in response to the war in Ukraine.
This figure is consistent with the 5.4% share that corresponds to Germany in the framework of the IEA agreements.
“Oil has been rising on the growing perception that Russian oil cannot be ‘traded’,” said ED&F Man Capital Markets analyst Edward Meir.
Russia accounts for about 10% of the world’s oil supply.
On the other hand, Russia and Ukraine account for around 29% of China’s exports. wheat. Wheat prices hit $10.59 a bushel, the highest since March 2008.
Fears of supply shortages stem from the fact that Russia, under international sanctions, supplies the European Union with 40% of its gas needs. Likewise, it represents 40% of the world production of palladium10% of the supply of nickel and 6% of world production of aluminum.
With Reuters and EFE
First modification:
International oil futures benchmarks rose to eight-year highs, wheat to 14-year highs, and aluminum, as well as benchmark Dutch gas and European coal contracts, hit new highs amid pressures from the Russian invasion of Ukraine.
An unstoppable rise. The prices of Petroleum rose above $110 a barrel as Russia intensified its attacks on Ukrainian territories. Benchmark Brent was trading at $110.03 at the start of the session, but continued its upward trend shortly after on market concerns about a global supply crisis.
For its part, Brent crude oil for delivery in May reached 111.59 dollars in the London futures market, a record since July 2014 and represented an increase of 6.3% compared to the close of the previous day.
Russia, the world’s second largest oil exporter after Saudi Arabia, is also the largest producer of gas natural. According to experts, producers have little spare capacity, which is why OPEC is failing to meet its production targets.
The Organization of the Petroleum Exporting Countries and its 10 allies, including Russia, have confirmed they will add 400,000 barrels a day of crude to their supplies, a small planned increase since July last year.
In a statement, the organization said that at the end of a brief virtual meeting of the ministers of the sector of the 23 countries of the alliance known as OPEC +, the decision was made despite the fact that oil prices have skyrocketed due to the war in Ukraine. .
According to the communication, there was “consensus” that at the moment the oil market “is well balanced” and that “the current volatility is not caused by changes in market fundamentals, but by current geopolitical events.”
The German government announced that it will release 434,000 tons of its national oil reserves, in line with an agreement by members of the International Energy Agency, IEA, in response to the war in Ukraine.
This figure is consistent with the 5.4% share that corresponds to Germany in the framework of the IEA agreements.
“Oil has been rising on the growing perception that Russian oil cannot be ‘traded’,” said ED&F Man Capital Markets analyst Edward Meir.
Russia accounts for about 10% of the world’s oil supply.
On the other hand, Russia and Ukraine account for around 29% of China’s exports. wheat. Wheat prices hit $10.59 a bushel, the highest since March 2008.
Fears of supply shortages stem from the fact that Russia, under international sanctions, supplies the European Union with 40% of its gas needs. Likewise, it represents 40% of the world production of palladium10% of the supply of nickel and 6% of world production of aluminum.
With Reuters and EFE
First modification:
International oil futures benchmarks rose to eight-year highs, wheat to 14-year highs, and aluminum, as well as benchmark Dutch gas and European coal contracts, hit new highs amid pressures from the Russian invasion of Ukraine.
An unstoppable rise. The prices of Petroleum rose above $110 a barrel as Russia intensified its attacks on Ukrainian territories. Benchmark Brent was trading at $110.03 at the start of the session, but continued its upward trend shortly after on market concerns about a global supply crisis.
For its part, Brent crude oil for delivery in May reached 111.59 dollars in the London futures market, a record since July 2014 and represented an increase of 6.3% compared to the close of the previous day.
Russia, the world’s second largest oil exporter after Saudi Arabia, is also the largest producer of gas natural. According to experts, producers have little spare capacity, which is why OPEC is failing to meet its production targets.
The Organization of the Petroleum Exporting Countries and its 10 allies, including Russia, have confirmed they will add 400,000 barrels a day of crude to their supplies, a small planned increase since July last year.
In a statement, the organization said that at the end of a brief virtual meeting of the ministers of the sector of the 23 countries of the alliance known as OPEC +, the decision was made despite the fact that oil prices have skyrocketed due to the war in Ukraine. .
According to the communication, there was “consensus” that at the moment the oil market “is well balanced” and that “the current volatility is not caused by changes in market fundamentals, but by current geopolitical events.”
The German government announced that it will release 434,000 tons of its national oil reserves, in line with an agreement by members of the International Energy Agency, IEA, in response to the war in Ukraine.
This figure is consistent with the 5.4% share that corresponds to Germany in the framework of the IEA agreements.
“Oil has been rising on the growing perception that Russian oil cannot be ‘traded’,” said ED&F Man Capital Markets analyst Edward Meir.
Russia accounts for about 10% of the world’s oil supply.
On the other hand, Russia and Ukraine account for around 29% of China’s exports. wheat. Wheat prices hit $10.59 a bushel, the highest since March 2008.
Fears of supply shortages stem from the fact that Russia, under international sanctions, supplies the European Union with 40% of its gas needs. Likewise, it represents 40% of the world production of palladium10% of the supply of nickel and 6% of world production of aluminum.
With Reuters and EFE