Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Thursday, Mar 30, 2023

Global supply of oil inches tighter amid Russia's response to the G7 to reduce oil output

Global supply of oil inches tighter amid Russia's response to the G7 to reduce oil output

Fears over tightening oil supply on Friday sent the WTI into a rally as Saudi Arabia's markets inched higher on Sunday.
The West Texas Intermediate (WTI) crude, a main benchmark for oil prices, ended last week's rally up by 5.46%. 

In response, Saudi Arabian stocks climbed on Sunday, with the Tadawul All Share Index (TASI), inching 0.2% higher. 

The upticks come amid fears over tightening oil supply. On Friday, Russia's Deputy Prime Minister Alexander Novak told state television that the country could reduce oil output by 5 to 7% in early 2023.

The decision comes in response to The Group of Seven (G7)'s price cap on Russian exports made earlier this month. Exported barrels must remain below $60 if it is to be shipped by G7 and EU tankers, insurance companies, and credit institutions, Reuters reported. The move by the group, comprised of European Union countries and Australia, aims to limit seaborne oil exports to restrict Russia's capacity to finance its war in Ukraine. 

This year, the energy sector has seen a strong performance relative to the broad stock market. 

The Russian invasion of Ukraine in February sent oil and gas into scarcity. 

The global supply of these commodities is expected to remain tight. Aside from the conflict, companies within the sector aren't spending enough on capital expenditure. 

While it may be bad news for energy prices, it could also mean investors have a continued safe haven leading into the new year. 

Even after energy stocks had a strong run in 2022, there could be more upside as demand is expected to outpace supply, a fund manager who oversees an energy sector fund, the Integrity Mid-North American Resources Fund (ICPAX), told Insider.
Comments

Oh ya 93 days ago
I just bet you are real happy to pay $5 or more for gas of you live in a G7 country because your brain dead government thinks they are hurting Russia. Russia is selling like crazy to Asia and others making good money while you feed your kids Spam and KD

Newsletter

Related Articles

Hong Kong News
Close
0:00
0:00
China and Brazil have signed a new deal that will allow them to trade in their own currencies, bypassing the US dollar as an intermediary
Elon Musk and Others Call for Pause on A.I., Citing ‘Profound Risks to Society’
“We've had evidence prior to the pandemic that masks were largely ineffective at preventing community transmission of influenza “
Former Starbucks CEO Howard Schultz:
Former Starbucks CEO Howard Schultz rejects being labeled a "billionaire"
Jamie Dimon is being deposed over JPMorgan Chase role in Epstein lawsuits
Brand new security footage has just been released to the public showing the Active shooter Audrey Elizabeth Hale drove to Covenant Church School in her Honda Fit this morning, parked, and shot her way into the building
Social Media censoring users for saying the true
Smart Iranian fashion designer teaching dummy TV anchors lesson about reality
AMERICA, 2023
U.S. charges FTX's Bankman-Fried with paying $40 million bribe
Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured
Regulators blame social media for SVB's rapid collapse: 'Complete game changer'
AOC explains why she opposes banning TikTok
Singapore’s Prime Minister says China and US need to stabilize relations because world can't afford a confict between the two superpowers
In a dramatic U-turn against His Government: Judicial Reform Legislation Must Be Halted, Says Israeli Defense Minister Yoav Gallant
Gordon Moore, a co-founder of Intel Corporation, died at 94
Powell: Silicon Valley Bank was an 'outlier'
Bordeaux town hall set on fire in France pro democracy protest
Police violence in Paris
Paris: Some of the police are stepping down and showing solidarity with the protesters.
Donald Trump arrested – Twitter goes wild with doctored pictures
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Goldman Sachs cuts outlook for European bank debt over Credit Suisse crisis
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
The US government has charged Chinese businessman Guo Wengui with leading a $1 billion fraud scheme that cheated thousands of followers out of their money.
Credit Suisse to borrow $54 billion from Swiss central bank
The BBC problem about China
Russian Hackers Preparing New Cyber Assault Against Ukraine
"Will Fly Wherever International Law Allows": US Warns Russia After Drone Incident
If this was in Tehran, Moscow or Hong Kong
Announcing GPT-4
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
China is calling out the US, UK, and Australia on their submarine pact, claiming they are going further down a dangerous road
A brief banking situation report
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
'No relation to the American SVB': India's SVC Bank acts to calm depositors amid brand name confusion.
Good news: The U.S. government is now guaranteeing all deposits, held by, Silicon Valley Bank, and the funds are available as of today
Silicon Valley Bank exec was Lehman Brothers CFO
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
Saudi Arabia has announced a major breakthrough in diplomacy with Iran after two years of intense talks
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Fitness scam
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
A primitive judge in Australia sparked outrage when he told a breastfeeding woman to leave his courtroom for being “a distraction"
×