Mid-Week Review – March 23, 2022
Russia warns of sharp Caspian pipeline oil export drop after storm
Russian and Kazakhstan oil exports via the Caspian Pipeline Consortium (CPC) from the Black Sea may fall by up to 1 million barrels per day (bpd), or 1% of global oil production, due to storm-damaged berths, a Russian official said on Tuesday. Pavel Sorokin, a deputy energy minister, said the second berth could also turn out to be damaged after initial information about one of the three being damaged by a storm. Sorokin said the maintenance could take up to two months, which could lead to exports falling by up to 1 million bpd. Click Here to read more from Reuters.
Gas prices: ‘We’re starting to see demand destruction’, says expert
High gasoline prices are already impacting demand, according to one energy expert. “Above $4 per gallon, you do see the American public change their driving habits. And we do actively see demand destruction,” Regina Mayor, global head of energy at KPMG, told Yahoo Finance Live. “I think that’s one of the things that helps the overall tightness of supply, is when we see demand start to dip back down,” she added. Click Here to read more from Yahoo Finance.
Oil prices rebound as stockpiles drop
Oil prices bounced back Wednesday morning, erasing losses from the previous session after U.S. crude supplies fell last week. Global supplies are tight as Russian output has been impacted by economic sanctions on Moscow. U.S. West Texas Intermediate (WTI) crude futures rose $1.58, or 1.4%, to $110.88 a barrel, after losing 36 cents in the previous session. Prices dipped earlier on Tuesday as it appeared that the European Union was unlikely to agree to a ban on Russian oil. Click Here to read more from Fox Business.
Global oil prices jump again as EU considers Russian oil ban
Global oil prices have jumped more than $3 a barrel, with Brent crude climbing above $111, as the European Union nations consider joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities. Brent crude futures were up $3.40 on Monday, or 3.2 percent, at $111.33 a barrel by 09:58 GMT, adding to a 1.2 percent rise last Friday. Click Here to read more from Al Jazeera.
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