Concerns about supply cuts boosted oil prices
according to Mehr news agency Investors’ concern about rising tensions between Russia and Ukraine, with the continuation of the upward trend of the previous day due to the stoppage of oil production in Norway’s Johan Sørdrup field, caused the price of oil to increase in trading on Tuesday (November 29). find.
The price of North Sea Brent crude oil for delivery in January by 4:30 a.m. GMT on Tuesday increased by 15 cents, or 0.2 percent, to 73. Dollars and 45 cents per barrel.
Meanwhile, U.S. West Texas Intermediate (WTI) crude for December delivery was up 15 cents, or 0.2 percent, with The price was traded at 69 dollars and 30 cents per barrel.
Following the announcement of Norway’s Equinor company to stop production in Johan Sørdrup field, the largest oil field in Western Europe, due to power outages, both indicators Oil prices increased by more than 2 dollars per barrel on Monday (November 28).
A spokesperson for Equinor said that steps are being taken to restart oil production, but it is not yet clear when production will resume.
In addition, oil production in Kazakhstan’s largest oil field, the Tengiz field, which is operated by the large American Chevron company, due to Maintenance operations have decreased by 28 to 30 percent and caused a further drop in supply in global markets. The Ministry of Energy of this country predicted that the maintenance operation of this field will be completed by Saturday (3rd of Azar).
Analysts of ING company stated in a note that the production stop at the Johan Soderrup field in Norway with a capacity of 755 thousand barrels of oil per day due to power outages and reduced production In Tangiz field of Kazakhstan, it has caused a further increase in oil prices.
In addition, geopolitical risks between Moscow and Kiev have increased after the US announced that it would allow Ukraine to launch long-range missile attacks on Russia, according to these analysts.
Meanwhile Toshitaka Tazawa, an analyst at Fujitomi Securities said: Investors are cautious. are and “assessing the course of military conflicts between Russia and Ukraine after its escalation over the weekend.”
