Бізнес-плани для перспективного та стабільного бізнесу.               14 червня 2021 року підписано меморандум про співробітництво між ДП “Держзовнішінформ” та Держмитслужбою

Бізнес-плани для перспективного та стабільного бізнесу.               14 червня 2021 року підписано меморандум про співробітництво між ДП “Держзовнішінформ” та Держмитслужбою
Posted 28.04.2017

Crude oil prices are up in April this year

In the twenty days of April (04.03-04.21.2017) the price for crude oil slightly went up globally and has been traded within the bracket of 50-55$/bbl. Estimated price for Brent in the mentioned period rose 2-3% compared to the previous month.

The crude price hike in the world market has been caused by a couple of events. According to the information from International Energy Agency the supply of crude to the market in March was lower by 0.76 million bbl/day and reached 95.98 million bbl/day. Commercial crude stock and inventory of petroleum products in the USA evidently has been going down as current maintenance has been finished in the oil refineries and the vacation season is on the brink which will drive the demand for gasoline. From mid-March the inventory of crude oil in the USA, EU and in the sea terminals has dropped by 42 million bbls, moreover, the inventory of crude in the Caribbean Sea terminals has dropped significantly.

Practically a consensus has been reached among the OPEC countries and the 11 oil producing countries non-members of the cartel, to prolong for one more year the efforts to curb the output of crude.

The world demand remains high for crude and petroleum products. The company Saudi Aramco lowered the price for all the brands of crude it exports to the Mediterranean countries, North-West Europe and some to some parts of Asia in order to gain a bigger market share and force the competition out.

It is worth mentioning, that in the second half of April the price for crude took a dip on the world market. This can be associated with the significant number of rigs in operation in the USA and the output of shale oil. According to Baker Hughes, 847 rigs are working in the US, out of which 683 are oil rigs, and on a year-on-year basis is a boost of 92%. US Department of Energy reports that in April the output of crude is estimated at 5.07 million bbl/day. Donald Trump Administration is preparing a decision to lift the ban on exploration of new oil-and-gas fields in the Atlantic Ocean and in the Arctic.