 |
Louisiana Light • 3 days | 87.12 | +0.03 | +0.03% | ||
|
Bonny Light • 23 hours | 89.32 | +0.45 | +0.51% | ||
|
Opec Basket • 3 days | 86.51 | -1.01 | -1.15% | ||
|
Mars US • 173 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 17 mins | 2.741 | +0.007 | +0.25% |
|
Bonny Light • 23 hours | 89.32 | +0.45 | +0.51% | ||
|
Girassol • 23 hours | 89.90 | +0.45 | +0.50% | ||
|
Opec Basket • 3 days | 86.51 | -1.01 | -1.15% |
|
Peace Sour • 22 hours | 76.56 | +1.46 | +1.94% | ||
|
Light Sour Blend • 22 hours | 79.61 | +1.46 | +1.87% | ||
|
Syncrude Sweet Premium • 22 hours | 86.56 | +1.46 | +1.72% | ||
|
Central Alberta • 22 hours | 76.96 | +1.46 | +1.93% |
|
Eagle Ford • 3 days | 79.33 | -0.29 | -0.36% | ||
|
Oklahoma Sweet • 6 days | 79.75 | +0.50 | +0.63% | ||
|
Kansas Common • 2 days | 73.50 | +0.50 | +0.68% | ||
|
Buena Vista • 3 days | 87.02 | -0.29 | -0.33% |
Four Big Mistakes in Deregulating the Electricity Industry
When policymakers both here and…
LME's Russian Metal Ban Reshapes Global Trade Dynamics
The London Metal Exchange's ban…
UAE: Don't Blame OPEC+ For Oil Market Volatility
The extreme volatility in the oil market in recent weeks is the result of some buyers boycotting certain crudes and is not connected with OPEC+, and is outside the alliance's control, according to one of OPEC's top producers, the United Arab Emirates (UAE).
"Extreme volatility is not because of supply and demand, it's because some don't want to buy certain crudes and it takes time for traders to move from one market to another," the UAE's Energy Minister Suhail al-Mazrouei said at a conference in Abu Dhabi on Tuesday, as carried by Reuters.
The minister was apparently referring to the Western buyers' boycott of Russian oil, but he said that "The political issues that cause chaos is something outside of what we discuss."
"We are not siding with anyone," said the minister from the UAE, which is part of the OPEC+ coalition together with Russia.
During the same event, Saudi Energy Minister, Prince Abdulaziz bin Salman, said that OPEC leaves politics "outside the building."
Despite calls for ramping up oil supply, especially after the Russian invasion of Ukraine, the OPEC+ group has stayed the course since it started raising output in August last year and has agreed to lift output by the planned around 400,000 barrels per day (bpd) in each month following the start of the war.
Last week, OPEC+ group agreed to leave its production plan unchanged, aiming to boost crude oil production in June by 432,000 bpd, in a move widely expected by the market. This was the third OPEC+ meeting since one of the key members of the alliance, Russia, invaded Ukraine. For a third consecutive month, OPEC's press release on the record short meeting read that "it was noted that continuing oil market fundamentals and the consensus on the outlook pointed to a balanced market."
"It further noted the continuing effects of geopolitical factors and issues related to the ongoing pandemic," OPEC said after the meeting.
Meanwhile, the EU is scrambling to find a common position on a proposed oil embargo on Russia, trying to persuade Hungary and some other central European countries to drop their opposition to a ban.
"We made progress, but further work is needed," European Commission President Ursula von der Leyen said late on Monday following a meeting with Hungarian Prime Minister Viktor Orban.
ADVERTISEMENT
By Tsvetana Paraskova for Oilprice.com
More Top Reads from Oilprice.com:
- China’s COVID Lockdowns Force Aramco To Slash Oil Export Prices
- Saudi Energy Minister: Insufficient Investment To Blame For High Fuel Prices
- China’s COVID Lockdowns Push Copper Prices Lower
Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
Related posts
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
