Oil prices recorded $87.47 for Brent and $81.49 for US crude

Oil prices recorded $87.47 for Brent and $81.49 for US crude
Oil prices recorded $87.47 for Brent and $81.49 for US crude
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Oil prices recorded today, Monday, $87.47 a barrel for Brent global benchmark crude futures, and West Texas Intermediate crude futures recorded $81.49, as prices fell slightly.

Last Wednesday, the International Energy Agency said, according to Sky News Arabia, that lifting the restrictions imposed to limit the spread of Covid-19 in China will lead to an increase in global demand to a record level this year, a day after the Organization of the Petroleum Exporting Countries (OPEC) expected a recovery in Chinese demand in 2023.

The Dutch government said it would halt exploration for any new onshore oil and gas fields in an effort to meet its climate goals and reduce risks related to seismic activity.

The government has said exploration will be limited to gas fields under the North Sea, which will continue to be needed as the country seeks to reduce dependence on Russian gas.

Work in onshore gas fields will be limited to those where exploration has already been permitted, and no new permits will be granted for onshore oil exploration.

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“We still need gas as we transition to sustainable alternatives. But we don’t need oil to ensure that households are powered,” said Dutch Deputy Minister for Mining Hans Villebreef.

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The Netherlands has long been a major gas supplier to Europe through the huge Groningen field in the north of the country.

But gas production there has fallen to its lowest levels in recent years due to its efforts to reduce earthquake risks in the region and is due to stop next year.

The Netherlands has about 175 small onshore gas fields that can provide about 400 billion cubic meters of gas.

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