In two weeks, the price of oil rose by 12%, which supported the prices of vegetable oils in Malaysia, US, and Ukraine

Updated Sep 15, 2023
Oil continues to rise, with prices rising to a 10-month high this week on data showing a decline in global crude oil production and inventories and on hopes for growth in China's economy and energy demand after the country's central bank cut reserve requirements for banks. Prices were supported by OPEC's forecast of a possible oil deficit in the 4th quarter at the level of 3.3 million barrels/day, which will be the largest in the last 10 years. At the same time, the International Energy Agency (IEA) predicts that the oil deficit on the world market in the second half of the year will reach 1.2 million barrels/day due to a reduction in supplies from Saudi Arabia and the Russian Federation. According to Bloomberg, the Russian Federation in August reduced crude oil supplies by 9% compared to July to the lowest in 11 months at 2.28 million barrels/day. The weekly report by Vortexa showed that crude volumes on tankers parked for more than a week fell 5.8% as of August 8 to a nine-month ...
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