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Source: Arabic.net
Data from oil analyst “Vortexa” stated that the amount of the main oil products currently stored in floating stocks around the world increased more than twice in the past month, to reach some 68 million barrels.
“Vortexa” said the figure included gasoline, diesel and aviation fuel on April 22, compared to about 30 million barrels in the previous month.
Oil prices rose today, Thursday, amid indications that producers are slashing production to counter collapse in demand due to the Corona virus pandemic, which is devastating world economies, while the US state of Oklahoma It also moved to help oil companies pump less.
Analysts have warned that price increases may be temporary as storage tanks fill up around the world, but prices have recovered as investors reassess the strength of the global economy in light of the global health emergency.
And Brent crude rose 99 cents, or 15%, to $ 21.36 a barrel, after rising more than 5% on Wednesday.
US West Intermediate Crude Futures USA They rose 98 cents, or more than 7%, at $ 14.76 a barrel, after increasing nearly a fifth in the previous session.
US crude futures fell below minus $ 40 on Monday, out of concern that buyers may be shrinking storage space.
In the United States, the world’s largest oil producer, the Oklahoma state energy regulator said companies can shut down wells without losing their leases, in an initial victory for American oil producers who are struggling and seeking a preview of the collapse of the market after a jump in production. Oklahoma is the fourth largest oil producing state in the United States.
With the drop in oil consumption, the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, within the framework of the OPEC + group, will begin a record production cut of 9.7 million barrels per day from May 1. Analysts said these cuts may need to expand to accommodate lower demand.
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