OPEC +’s firm position balances oil markets despite global changes

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In an interview with Al-Arabiya, the CEO of APICORP, Ahmed Atika, considered that the firmness of the position of OPEC + with its decisions balances the oil markets despite all the changes in the oil market.

Antique added that Withdrawals from US reserves, and several other countries, did not It affects oil prices, unless China participates strongly in this draw.

He stressed that the trends of OPEC + remain the largest influence on the oil markets. The group succeeded in protecting the balance.

He explained that the Corona Omicron mutant no longer has the same concern that it started with, and therefore prices will remain balanced until the first quarter of next year.

The US Energy Information Administration said today, Wednesday, that US crude oil production rose last week to 11.7 million barrels per day, the highest level since May 2020 during the outbreak of the Covid-19 pandemic.

The government agency added that crude stocks in the US Strategic Petroleum Reserve fell last week by 1.5 million barrels to the lowest level since May 2003.

She explained that oil stocks in the United States rose last week, but stocks of gasoline and distillates fell despite the increase in refining activity due to strong demand for fuel.

Data from the government agency showed that crude stocks increased by 1 million barrels for the week ending November 19, while analysts’ expectations were for a drop of 481,000 barrels.

Gasoline stocks fell by 603,000 barrels, compared to expectations of analysts polled by Reuters for a drop of 461,000 barrels. Gasoline stocks are now at their lowest level since November 2017.

oil facility

oil facility

Distillate stocks, which include diesel and heating oil, fell by 2 million barrels versus expectations for a 1 million barrel decline. Distillate stocks are now at their lowest level since November 2018.

The Energy Information Administration said that refinery consumption of crude rose by 243,000 barrels, while refinery operating rates increased 0.7 percentage points. It added that crude oil stocks at the delivery center in Cushing, Oklahoma, rose by 787,000 barrels, the second consecutive weekly increase.





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