{"id":5409,"date":"2023-05-15T12:54:26","date_gmt":"2023-05-15T12:54:26","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=5409"},"modified":"2023-05-15T12:56:37","modified_gmt":"2023-05-15T12:56:37","slug":"oil-prices-rise-as-tight-supplies-compete-with-economic-concerns","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/5409\/","title":{"rendered":"Oil prices rise as tight supplies compete with economic concerns"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil prices edged up on Monday as the prospect of tightening supplies due to OPEC+ production cuts and a resumption in U.S. buying for reserves outweighed concerns about fuel demand in top global oil consumers the United States and China.<\/p>\n\n\n\n<p>Brent crude futures were up 36 cents or 0.5% to $74.53 a barrel at 1240 GMT, while U.S. West Texas Intermediate crude was at $70.41 a barrel, up 37 cents or 0.5%.<\/p>\n\n\n\n<p>Last week, both benchmarks fell for a fourth consecutive week, the longest streak of weekly declines since September 2022, over concerns the United States could enter a recession amid risks of an\u00a0historic default\u00a0at the beginning of June.<\/p>\n\n\n\n<p>&#8220;With the uneven re-opening in China and concerns that the U.S is facing a growth slowdown at a time when the X-date for the debt ceiling is rapidly approaching, topped off by a rally in the U.S dollar, market sentiment towards crude oil will remain tepid at best,&#8221; IG analyst Tony Sycamore said.<\/p>\n\n\n\n<p>Still, global crude supplies could tighten in the second half as OPEC+ &#8211; the Organization of the Petroleum Exporting Countries and allies including Russia &#8211; is making additional output cuts that are reducing\u00a0sour crude\u00a0volumes.<\/p>\n\n\n\n<p>The group\u00a0announced in April\u00a0that some members would cut output further by around 1.16 million barrels per day (bpd), bringing the total volume of cuts to 3.66 million bpd, according to Reuters calculations.<\/p>\n\n\n\n<p>However,\u00a0Iraq does not expect\u00a0OPEC+ to make further cuts to oil output at its next meeting on June 4, said its oil minister, Hayan Abdel-Ghani.<\/p>\n\n\n\n<p>Meanwhile, flows of northern Iraqi crude oil to Turkey&#8217;s Ceyhan\u00a0port have yet to resume\u00a0following Baghdad&#8217;s request to restart them last week, industry sources said on Monday, helping keep global supplies tight.<\/p>\n\n\n\n<p>The U.S. could start\u00a0repurchasing oil\u00a0for the Strategic Petroleum Reserve (SPR) after completing a congressionally mandated sale in June, Energy Secretary Jennifer Granholm told lawmakers on Thursday.<\/p>\n\n\n\n<p>Meanwhile, leaders of the Group of Seven nations could announce\u00a0new measures\u00a0at their May 19-21 meetings that target third countries evading sanctions on Russia over its war in Ukraine, said officials with direct knowledge of the discussions.<\/p>\n\n\n\n<p>The tightening of sanctions will also seek to undermine Russia&#8217;s future energy production and curb trade that supports the Russian military, the people said.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-05-15T12:56:37+00:00\"> 15 May 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil prices edged up on Monday as the prospect of tightening supplies due to OPEC+ production cuts and a resumption in U.S. buying for reserves outweighed concerns about fuel demand in top global oil consumers the United States and China. Brent crude futures were up 36 cents or 0.5% to $74.53 a barrel at 1240 [&hellip;]","protected":false},"author":1,"featured_media":5410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-5409","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\/5409","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=5409"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/5409\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/5410"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=5409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=5409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=5409"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=5409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}