In an interview with Al Arabiya, APICORP CEO Ahmed Ateeqa felt that the firmness of OPEC + ‘s position with its decisions balances the oil markets despite all the changes in the oil market.
Antique added that Withdrawals from US reserves and many other countries did not It affects oil prices, unless China heavily participates in this draw.
He pointed out that OPEC + trends remain the biggest influence on oil markets. The group managed to protect the balance.
He explained that the Omicron Corona mutant no longer has the same concern 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 increased 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 oil inventories in the U.S. Strategic Oil Reserve fell by 1.5 million barrels last week, the lowest level since May 2003.
He explained that oil inventories in the United States increased last week, but gasoline and distillate inventories declined despite increased refining activity due to strong demand for fuel.
Data from the government agency showed that crude oil inventories rose by 1 million barrels for the week ending November 19, while analysts’ expectations were for a decline of 481,000 barrels.
Gasoline inventories fell by 603,000 barrels, compared with analysts interviewed by Reuters expectations for a decline of 461,000 barrels. Gasoline stocks are now at their lowest since November 2017.
Stocks of distillates, which include diesel and fuel oil, fell by 2 million barrels compared to expectations of a decline of 1 million barrels. Spirits stocks are now at their lowest level since November 2018.
The Energy Information Administration said refinery crude oil consumption increased by 243,000 barrels, while refinery operating rates increased by 0.7 percentage points. He added that crude oil stocks at the Cushing delivery center, in Oklahoma, were up 787,000 barrels, the second consecutive weekly increase.
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