Oil is getting more expensive.  OPEC+ decision on delivery soon

oil barrel West Texas Middle In June deliveries, they cost $108.16 on the New York Stock Exchange in New York, up 0.32 percent, after a jump at the end of Wednesday’s session of as much as 5.3 percent.

Brent crude oil For July delivery on ICE in London, it is trading at $110.70 a barrel, up 0.51 percent.

Investors are waiting for the meeting of the coalition countries OPEC +During which they will determine the oil supply policy for the month of June.

Analysts expect that delegates from 23 countries of the OPEC+ alliance will stick to their previous agreements to gradually increase gas supplies by 430,000 each month. not available

Meanwhile, investors are analyzing the European Union’s plans, presented on Wednesday, regarding a gradual ban on Russian oil imports to the Old Continent.

President of the European Commission Ursula von der Leyen Details of the sixth package of sanctions to be imposed on Russia in response to its invasion of Ukraine were revealed in the European Parliament on Wednesday.

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Among these sanctions is a complete ban on Russian oil imports. Within six months, the import of crude oil will be completely suspended, and the import of refined products by the end of the year.

According to the European Union’s proposal, the embargo imposed on Russian oil will enter into force within six months, without a gradual withdrawal from the agreements, according to anonymous sources.

The European Union is also expected to propose a month-long ban on shipping, financing and insurance of Russian oil transportation services.

Representatives of the countries of the European Union But they did not reach an agreement on Wednesday on banning Russian oil imports. Talks are scheduled to continue on Thursday.

Strategists estimate that the EU’s proposed ban on Russian oil imports could cause Russia’s production to drop by 2 million barrels per day by the end of the year.

In turn, the authorities in the Kremlin fear that the EU plan will be too expensive for the countries of this bloc.

When the ban on oil imports from Russia into the European Union comes into effect, countries in the region may stop buying about 1.5 million barrels of oil per day, Kpler estimates. Approximately. Russia may redirect 500,000 barrels of oil per day (out of 1.5 million barrels per day) to India.

In April, Russian oil producers pumped an average of 10.05 million barrels per day, up more than 9%. Less than it was before the start of the Russian war in Ukraine in late February.

“EU sanctions are likely to cut oil supplies for the foreseeable future,” said Daniel Haynes, senior commodity analyst at Australia and New Zealand Banking Group Ltd.

“We also continue to expect that the Chinese authorities will continue to control the current wave of the Covid-19 epidemic in the country, and gradually relax the lockdowns that have been imposed,” he added.

He stressed that “all this could lead to a very tense situation in the oil markets.”


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