Oil continues to rise by 1% .. and Brent is approaching 83 dollars

Oil prices rose on Friday, with a riot in Kazakhstan, which raised concerns about the possibility of an OPEC + supply disruption, in coinciding with the decline in production in Libya.

THE future on Brent crude oil, they increased by 1.09% to 82.88 dollars a barrel, after a 1.5% jump in the previous session.

Also future on US West Texas Intermediate crude oil rose 1.09% to $ 80.31 a barrel, after rising 2.1% in the previous session.

“The jump in oil prices mainly reflects market concerns with the growing turmoil in Kazakhstan and the continuing deterioration of the political situation in Libya, “which affect oil production, said Rystad Energy analyst Louise Dixon in a comment via e-mail.

After days of unrest in Kazakhstan, during which the government declared a state of emergency, on Thursday Russia sent paratroopers to put down the uprising.

The protests began in Kazakhstan’s oil-rich western regions after fuel prices rose at the start of the new year.

Brent and U.S. crude oil are heading for a 6% rise in the first week of the year as prices hit their highest levels since late November as supply concerns outweighed concerns that demand could be influenced by the rapid spread of the coronavirus mutated Omicron.

OPEC production in December increased by 70,000 barrels per day from the previous month, far less than the OPEC + agreement’s increase of 253,000 barrels per day, which restored production cutbacks in 2020 when demand plummeted. due to Covid closures. 19.

Libya’s production dropped to 729,000 barrels per day, from a high production of 1.3 million barrels per day last year, in partly due to the maintenance work of the oil pipelines.

CMARKITS CEO Dr Youssef Al-Shamry said high oil prices mean markets are weighing political risks in Kazakhstan.

He explained that there is a threat to the supplies coming from OPEC Plus due to the turmoil there, in particularly with the US intervention in the crisis that erupted there after the Russian military intervention, noting that this issue reflects America’s interest in the country due to the investment of tens of billions of American companies in the oil sector in Kazakhstan.

He stressed that if the political situation continues to degenerate, the market will face the threat of energy supplies from Kazakhstan.

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