{"id":3775,"date":"2023-02-20T15:01:57","date_gmt":"2023-02-20T15:01:57","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=3775"},"modified":"2023-02-20T15:01:58","modified_gmt":"2023-02-20T15:01:58","slug":"oil-rises-on-china-demand-hopes-and-supply-concerns","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/3775\/","title":{"rendered":"Oil rises on China demand hopes and supply concerns"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil prices rose on Monday, buoyed by optimism over Chinese demand, continued production curbs by major producers and Russia&#8217;s plans to rein in supply.<\/p>\n\n\n\n<p>Brent crude was up $1.08, or 1.3%, to $84.08 a barrel at 1445 GMT. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday, was up 96 cents, or 1.3%, at $77.30.<\/p>\n\n\n\n<p>The benchmarks settled $2 down on Friday for a decline of about 4% over the week after the United States reported higher crude and gasoline inventories.<\/p>\n\n\n\n<p>The OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia agreed in October to\u00a0cut oil production targetsby 2 million barrels per day (bpd) until the end of 2023.<\/p>\n\n\n\n<p>Separately, Russia plans to\u00a0cut oil production\u00a0by 500,000 bpd, equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products.<\/p>\n\n\n\n<p>Analysts, meanwhile, expect\u00a0China&#8217;s oil importsto hit a record high in 2023 to meet increased demand for transportation fuel and as new refineries come on stream.<\/p>\n\n\n\n<p>&#8220;The optimism around China today may be responsible for the gains we&#8217;re seeing in crude, which would make a lot of sense given it&#8217;s the world&#8217;s largest importer and expected to recover strongly from the COVID transition,&#8221; said Craig Erlam, senior markets analyst at OANDA in London.<\/p>\n\n\n\n<p>China\u00a0and India have become major buyers of Russian crude since the European Union embargo.<\/p>\n\n\n\n<p>At the same time, future oil supply shortages are likely to drive prices towards $100 a barrel by the end of the year, Goldman Sachs analysts said in a Feb. 19 note.<\/p>\n\n\n\n<p>Prices will move higher &#8220;as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand&#8221;, they wrote.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-02-20T15:01:58+00:00\"> 20 February 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil prices rose on Monday, buoyed by optimism over Chinese demand, continued production curbs by major producers and Russia&#8217;s plans to rein in supply. Brent crude was up $1.08, or 1.3%, to $84.08 a barrel at 1445 GMT. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday, was up 96 cents, or [&hellip;]","protected":false},"author":1,"featured_media":3776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-3775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=3775"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3775\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/3776"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=3775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=3775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=3775"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=3775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}