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Market News International oil prices rose more than 3%, the EU set a time limit for "Russian oil separation", OPEC is not strong
International oil prices rose more than 3%, the EU set a time limit for "Russian oil separation", OPEC is not strong
On Wednesday (May 4), international oil prices strengthened again, rising more than 3%, the European Union is about to announce new sanctions on Russia, the European Union proposed to completely get rid of Russian oil and refined products by the end of the year. OPEC's April oil output may continue to fall short of targets due to production cuts in Libya and Nigeria, while OPEC+ is expected to stick to its current policy of modest monthly output increases.
2022-05-04
9696
On Wednesday (May 4), international oil prices strengthened again, rising by more than 3%. The European Union is about to announce new sanctions on Russia. OPEC's April oil production may continue to fail to meet the standard, and OPEC+ is expected to adhere to the current policy of moderately increasing production month by month.
At 16:43 GMT+8, NYMEX crude oil futures rose 3.55% to $106.06 a barrel; ICE Brent crude oil futures rose 3.42% to $108.56 a barrel.
European Commission President von der Leyen said on Wednesday that a sixth round of sanctions against Russia would be submitted within days and would seek a blanket ban on all imports of Russian oil, including seaborne and pipelined oil, crude oil and refined oil. The European Union has proposed a ban on imports of Russian crude oil for the next six months and a ban on imports of Russian refined oil by the end of the year.
Russian President Vladimir Putin notified the West on Tuesday that he could end exports and deals in response to the burden of sanctions imposed by the European Union and the United States. The EU embargo on Russian oil imports will deprive Moscow of a large source of revenue.
But a deal on sanctions has divided EU countries. The EU relies on Russia for 26% of its oil imports. Hungary and Germany have expressed reservations about the oil embargo, fearing that soaring energy prices will hurt EU economies already struggling with inflation.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) will meet on Thursday (May 5) and are expected to stick to their current policy of modestly increasing output month-on-month, despite the group's slowdown from October to March this year. Only in February the production capacity reached the target.
OPEC members pumped 28.58 million bpd in April, the survey showed, as output cuts in Libya and Nigeria offset efforts by Saudi Arabia and other major producers to increase output The requested increase of 254,000 barrels per day.
The biggest drop in production was in Libya, which lost more than 550,000 barrels a day at some point in April due to blockades of oil fields and terminals. Libya is also one of the OPEC members exempted from production cuts; Nigeria’s output fell by 40,000 barrels per day, exports were lower than in March, and the Bonny Light export pipeline still faces force majeure.
At 16:43 GMT+8, NYMEX crude oil futures rose 3.55% to $106.06 a barrel; ICE Brent crude oil futures rose 3.42% to $108.56 a barrel.
European Commission President von der Leyen said on Wednesday that a sixth round of sanctions against Russia would be submitted within days and would seek a blanket ban on all imports of Russian oil, including seaborne and pipelined oil, crude oil and refined oil. The European Union has proposed a ban on imports of Russian crude oil for the next six months and a ban on imports of Russian refined oil by the end of the year.
Russian President Vladimir Putin notified the West on Tuesday that he could end exports and deals in response to the burden of sanctions imposed by the European Union and the United States. The EU embargo on Russian oil imports will deprive Moscow of a large source of revenue.
But a deal on sanctions has divided EU countries. The EU relies on Russia for 26% of its oil imports. Hungary and Germany have expressed reservations about the oil embargo, fearing that soaring energy prices will hurt EU economies already struggling with inflation.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) will meet on Thursday (May 5) and are expected to stick to their current policy of modestly increasing output month-on-month, despite the group's slowdown from October to March this year. Only in February the production capacity reached the target.
OPEC members pumped 28.58 million bpd in April, the survey showed, as output cuts in Libya and Nigeria offset efforts by Saudi Arabia and other major producers to increase output The requested increase of 254,000 barrels per day.
The biggest drop in production was in Libya, which lost more than 550,000 barrels a day at some point in April due to blockades of oil fields and terminals. Libya is also one of the OPEC members exempted from production cuts; Nigeria’s output fell by 40,000 barrels per day, exports were lower than in March, and the Bonny Light export pipeline still faces force majeure.
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