output - The News Caravan

Oil prices surge after OPEC+ announce to cut output

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Moscow: The Oil prices have surged and surpassed USD 85 per barrel after several oil producer countries announced surprise cuts in production, TASS Agency reported.

According to the Russian News Agency, this is the first time since March 7 that the price of futures contracts of Brent crude oil surged.

The price of futures contracts of Brent crude oil for June 2023 delivery on London’s ICE surpassed USD 85 per barrel.

As of 1:09 am Moscow time on Monday, the price of Brent oil went up by 6.43 per cent to USD 85.03 per barrel, according to TASS Agency.

By 1:12 am (Local Time), Brent was trading at USD 85.41 per barrel (6.46 per cent). The price of futures contracts of WTI crude oil for May 2023 delivery went up by 6.21 per cent, to USD 80.37 per barrel.

Earlier, the Organization of the Petroleum Exporting Countries (OPEC) Plus oil producers announced further output cuts of around 1.16 million barrels per day.

Riyadh, Saudi Arabia’s capital and main financial hub said it would cut output by 500,000 barrels per day, or BDP, from May until the end of 2023, state media reported.

In a statement carried out by the Saudi Press Agency (SPA), the Saudi official emphasised that this is a precautionary measure aimed at supporting the stability of the oil market, according to Emirates News Agency.

This voluntary cut is in addition to the reduction in production agreed upon during the 33rd OPEC and non-OPEC Ministerial Meeting, held on 5th October 2022.

The move came as a surprise as OPEC Plus said that they did not intend to make any changes in their policies but this announcement blew everyone, The Washington Post reported.

The alliance produced nearly two million barrels below its supply target in February, the last month for which official output figures are available. “We expect shortfalls to continue,” said Ha Nguyen, a global oil analyst for S and P Global Commodity Insights.

There have been persistent reports that Russia is struggling to keep up production without the benefit of Western service companies that have wound down their operations since the Russian invasion of Ukraine more than a year ago.

Saudi production has also been below its production quota set by the Organization of the Petroleum Exporting Countries in recent months, reported The Washington Post.

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( With inputs from www.siasat.com )

April 3, 2023

GM 3060 E-Book 4+1 Power Strip with Master Switch, 4 International Sockets Extension Board, Thermal Protection, 10 AMP Output, 2 Meter Cord Length, Power Indicator, Safety Shutter, 1 Year Warranty

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From the manufacturer

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Four Sockets with Safety Shutters

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Ergonomic Design of the Socket Spike Guard

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International Socket Spike Guard of 240V and 60 Hertz Frequency

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Product Model No
GM 3060 GM 3068 GM 3056 3058 3059 3201
Switch Type
4+ 1 (4 sockets with 1 Master switch) 4+ 1 (4 sockets with 1 Master switch) 4+ 1 (4 sockets with 1 Master switch) 4+ 1 (4 sockets with 1 Master switch) 6+ 1 (6 sockets with 1 Master switch) 2+2+1(2 sockets & 2 Pin sockets with Master switch
Socket Type
International International International International International International
Safety Shutter
Yes Yes Yes Yes Yes Yes
Indicator
Yes Yes Yes Yes Yes Yes
Total Max Load
10 Amp 10 Amp 10 Amp 10 Amp 10 Amp Yes
Thermal Tripper
Yes Yes Yes Yes Yes No
Surge Protector/MOVs
No No Yes Yes Yes No
Cable Length
2 m 2 m 2 m 2 m 2 m 2 m
Fire Retardent Protection
Yes Yes Yes Yes Yes Yes

International socket- Suitable for all types of sockets that are used in almost 150 countries.
Safety shutter: It prevents manual insertion of foreign objects into live terminals and prevent electric shock resulting out of it and ensures safety of your loved ones.
Indicator: Indicates availability of power supply.
Total Max load of 10A, Voltage: 220-240 V, Frequency: 50-60 Hz

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February 16, 2023

Oil prices rise modestly as traders assess Russian output cut

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Russia offer crude oil supply to Pakistan on discounted rates

New York: Oil prices eked out modest gains as market participants weighed Russia’s plan to cut its oil production.

The West Texas Intermediate (WTI) for March delivery rose 42 cents, or 0.53 per cent, to settle at $80.14 a barrel on the New York Mercantile Exchange. Brent crude for April delivery added 22 cents, or 0.25 per cent, to close at $86.61 a barrel on the London ICE Futures Exchange.

Russian Deputy Prime Minister Alexander Novak on Friday announced that the country plans to cut its oil production by 500,000 barrels per day in March.

Novak said the aim of the cut is to improve the market situation, reiterating the country will not comply with any Western price cap.

Traders also awaited US inflation data as the US consumer price index for January is set for release on Tuesday.

For the week ending Friday, the WTI advanced 8.6 per cent, while Brent rose 8.1 per cent, based on the front-month contracts.

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#Oil #prices #rise #modestly #traders #assess #Russian #output #cut

( With inputs from www.siasat.com )

February 14, 2023

Tag: output

Oil prices surge after OPEC+ announce to cut output

GM 3060 E-Book 4+1 Power Strip with Master Switch, 4 International Sockets Extension Board, Thermal Protection, 10 AMP Output, 2 Meter Cord Length, Power Indicator, Safety Shutter, 1 Year Warranty

Oil prices rise modestly as traders assess Russian output cut