• 3 minutes e-car sales collapse
  • 7 minutes Energy Armageddon
  • 11 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour America Is Exceptional in Its Political Divide
  • 2 days Cummins showcases 15L fuel-agnostic engine platform; hydrogen, diesel, biogas 16 March 2023
  • 9 days Gazprom and Rosneft super result
  • 3 days *****5 STARS - "The Markets are Rigged" by The Corbett Report
Standard Chartered: Oil Prices Likely To Head Higher

Standard Chartered: Oil Prices Likely To Head Higher

Commodity experts at Standard Chartered…

Will We See A Return Of Triple Digit Oil This Year?

Will We See A Return Of Triple Digit Oil This Year?

Oil prices have effectively erased…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Oil Set To Record Longest Winning Streak In 3 Years

  • April is the fifth month in a row that oil prices will end with gains.
  • China's zero-covid policy has sparked demand concerns.
  • The European Union reports progress on an oil embargo against Russia.

Crude oil prices are set to record the longest string of monthly gains since early 2018, Bloomberg reported today, citing the increased price volatility resulting from the war in the Ukraine and Covid lockdowns in China.

April is the fifth month in a row that oil prices will end with gains, despite the slips caused by demand uncertainty as China continued to pursue its zero-Covid policy, locking up several large cities.

Despite these demand worries, the upside potential for prices remains considerable as the European Union reports progress on an oil embargo against Russia. Previously a staunch opponent of such a move, Germany has now mellowed, with economy minister Robert Habeck saying this week that Germany had already considerably reduced its Russian crude imports.

The latest from Habeck was an expression of hope that Germany would be able to find a replacement for Russian oil within days, with the official signaling this would put an end to its opposition to an embargo.

These updates from Germany became the latest to push oil prices up, reversing losses brought about by the demand worries. If an embargo is agreed upon, prices will soar even higher and extend their gains streak into next month.

OPEC+, meanwhile, is meeting next Thursday for its regular discussion of production. Expectations from analysts point to zero change in strategy, meaning the cartel will likely stick to its original arrangement of adding approximately 400,000 bpd to its combined output every month even though many member states have consistently failed to deliver.

Last month, OPEC alone added just 57,000 bpd in production, which was substantially lower than its quota of over half of the agreed 400,000 bpd monthly increase in OPEC+ output. The figure represented production declines in some OPEC members, such as Nigeria and Lybia, with most of the group’s increase in output coming from Saudi Arabia.

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News