Oil prices hit 7-year highs as tight supply bites

1/18/2022 4:43:00 PM

LONDON — Benchmark oil prices climbed to their highest level since 2014 on Tuesday as possible supply disruption after attacks in the Mideast Gulf added to an already tight supply

Benchmark oil prices climbed to their highest level since 2014 on Tuesday as possible supply disruption after attacks in the Mideast Gulf added to an already tight supply outlook. | Reuters

LONDON — Benchmark oil prices climbed to their highest level since 2014 on Tuesday as possible supply disruption after attacks in the Mideast Gulf added to an already tight supply

After launching drone and missile strikes which set off explosions in fuel trucks and killed three people, the Houthi movement warned it could target more facilities, while the UAE said it reserved the right to “respond to these terrorist attacks”.UAE oil firm ADNOC said it had activated business continuity plans to ensure uninterrupted supply of products to its local and international customers after an incident at its Mussafah fuel depot.

Also adding to geopolitical price premiums are rising tensions between OPEC+ member Russia and Ukraine.In addition, some producers within the Organization of the Petroleum Exporting Countries (OPEC) are struggling to pump at their allowed capacities, due to underinvestment and outages, under an agreement with Russia and allies to add 400,000 barrels per day each month.

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P2 billion feared lost to scams, fraud – BSP After launching drone and missile strikes which set off explosions in fuel trucks and killed three people, the Houthi movement warned it could target more facilities, while the UAE said it reserved the right to “respond to these terrorist attacks”.Prices of diesel, gas, and kerosene to go up again AutoIndustriya.China will provide P800-million additional grant to the Philippines to help in its reconstruction efforts in areas hit by typhoon Odette last year.A two-year-old girl died in a fire that hit her home in Antipolo City on Monday, Jan.

UAE oil firm ADNOC said it had activated business continuity plans to ensure uninterrupted supply of products to its local and international customers after an incident at its Mussafah fuel depot. Also adding to geopolitical price premiums are rising tensions between OPEC+ member Russia and Ukraine. Gas companies have just announced that there will be another round of price increase this week. In addition, some producers within the Organization of the Petroleum Exporting Countries (OPEC) are struggling to pump at their allowed capacities, due to underinvestment and outages, under an agreement with Russia and allies to add 400,000 barrels per day each month. “The Philippine people are strong and resilient. “The consensus is that the situation will not improve in the foreseeable future and oil demand growth together with supply constraints is inevitably leading to a tighter oil balance,” PVM analyst Tamas Varga said. All gasoline products will receive a price increase of PHP 0. Goldman Sachs analysts said they expected oil inventories in OECD countries to fall to their lowest since 2000 by the summer, with Brent oil prices rising to $100 later this year.m.

Subscribe to our business newsletter By providing an email address. On the other hand, diesel will get a substantial PHP 1. He stressed that China and the Philippines are neighbors facing each other across the sea and “partners through thick and thin. I agree to the .