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News Wire / economy

Oil Prices Rise To $115 Per Barrel

Komsomolskaya Pravda Moscow 15d14d Impact 10

Russia does not plan to exit the OPEC Plus group, according to Kremlin spokesperson Dmitry Peskov. The federal government may need to provide support for industries and households struggling with the oil shock. Oil producing provinces are expected to benefit significantly from the price increase, while industries using oil as an input will face challenges. Wheat futures have increased by 11% since late February, following military strikes by the US and Israel against Iran. Corn futures rose 6% over the past two months, reaching a one-year high. Soybean oil and palm oil futures also experienced price increases, according to reports from the US on the 29th. These shifts indicate heightened food inflation risks as commodity indices reach levels not seen since November 2023.

Russia does not plan to exit the OPEC Plus group, according to Kremlin spokesperson Dmitry Peskov. The federal government may need to provide support for industries and households struggling with the oil shock. Oil producing provinces are expected to benefit significantly from the price increase, while industries using oil as an input will face challenges. Wheat futures have increased by 11% since late February, following military strikes by the US and Israel against Iran. Corn futures rose 6% over the past two months, reaching a one-year high. Soybean oil and palm oil futures also experienced price increases, according to reports from the US on the 29th. These shifts indicate heightened food inflation risks as commodity indices reach levels not seen since November 2023. Current high prices are attributed to the closure of the Strait of Hormuz and damage to oil refining infrastructure caused by warfare. The source noted that infrastructure damage will maintain high costs even after conflicts end. A shortage of fertilizers from the Persian Gulf is also expected to impact global markets. Oil prices rose following suggestions made by Donald Trump. The increase reflects market reactions to the reported US maritime blockade strategy.

Topics

OPEC Plus Russia UAE oil markets

Developing

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Sources · 7 independent

Komsomolskaya Pravda

“Россия не планирует выходить из ОПЕК ПЛЮС. Это заявил пресс-екретарь президента Дмитрий Песков.”

Komsomolskaya Pravda

“Россия не планирует выходить из ОПЕК ПЛЮС. Это заявил пресс-екретарь президента Дмитрий Песков. Москва надеется, что выход объединенных арабских имираты из этой структуры не приведет к завершению работы этого формата.”

Govorit Moskva

“Dmitry Peskov called the decision of the United Arab Emirates to leave the international structure with confidence. Moscow treats it with respect. At the same time, he noted that global energy markets are currently stormy.”

Radio Rossii

“Россия не планирует выходить из ОПЕК-плюс, но с уважением относится к решению объединённых арабских имиратов выйти из ОПЕК. Это суверенное решение.”

Radio Rossii

“ОПЕК. Это суверенное решение. Зайвил пресс-секретарь российского лидера Дмитрий Песков.”

Silver Rain

“Россия не планирует выход из опек плюс сообщили в Кремле. При этом решение объединенных арабских эмиратов покинуть формат является суверенным, Россия относится к нему с уважением.”

Jovem Pan News

“a organização da escala seis por um e o mundo dos árabes unidos anunciam a saída da OPEP a organização dos países exportadores de petróleo grupo que é liderado pela arábia saudita e da OPEP mais que aquela coalizão que também inclui a rússia a partir de primeiro de maior”

Silver Rain

“арабских имиратов покинуть формат является суверенным, Россия относится к нему с уважением.”

Radio Rossii

“Россия не планирует выходить из ОПЕК-плюс, но с уважением относится к решению объединённых арабских имиратов выйти из ОПЕК. Это суверенное решение. Зайвил пресс-секретарь российского лидера Дмитрий Песков.”

CBN São Paulo AAC

“acima de cento e sete dólares depois de ter atingido 100 nível desde o fim de março... o mercado também reage a saída dos emirados árabes unidos da OPEP”

RTHK Radio 1 Cantonese

“亞聯酋退出短期對於油價的影響不大 但如果局勢換和 油價長遠走勢向下 關注會不會有其他成員國退出油組... 亞聯酋以國家利益和滿足市場需求為由 決定今日4日5開始退出”

RTHK Radio 1 Hong Kong

“產油國亞聯油退出石油輸出國組織 有大恐遇期 亞聯油不再受油組約束將會增加產量 消息令國際油價升超過百分之三”

RTHK Radio 1 Hong Kong

“亞聯油不再受油組約束將會增加產量 消息令國際油價升超過百分之三 較早時倫敦布蘭特旗遊每統在114美元以上 紐約旗遊就在103美元的水平”

RTHK Radio 1 Cantonese

“亞聯酋以國家利益和滿足市場需求為由,決定今日4月5日開始退出... 匯豐發表報告指出亞聯酋退出短期對油市影響有限,但長遠可能會削弱由早的供應紀錄”

RTHK Radio 1 Cantonese

“亞聯酋以國家利益和滿足市場需求為由 決定今日4日5開始退出”

WLS-AM 890 Chicago

“The United Arab Emirates says it's going to withdraw from the OPEC oil cartel beginning May 1.”

RTHK Radio 1 Hong Kong

“HSBC released a report stating the UAE's exit from OPEC+ will have limited short-term impact on the oil market, but in the long run, it may weaken the supply discipline and price management capabilities of the group.”

CNA938 Singapore

“The UAE's pulled out of OPEC and the impact on oil price is something I definitely want to zoom in on”

RTHK Radio 1

“匯豐發表報告指出亞聯油退出短期對油市影響有限 但長遠可能會削弱油組的供應紀律及價格管理能力”

RTHK Radio 1 Hong Kong

“匯豐發表報告指出亞聯油退出短期對油市影響有限 但長遠可能會削弱油組的供應紀律及價格管理能力”

RTHK Radio 1 Hong Kong

“HSBC reports that the short-term impact of the UAE's exit on the oil market is limited, but in the long run, it may weaken the group's supply discipline and price management capability.”

WLS-AM 890 Chicago

“The UAE had had plans to raise its production by as many as four million barrels a day from its current 3.4 even up to five million barrels of oil a day.”

SWR Aktuell

“Wenn ein Player aus diesem Kartell ausscheren sagt ich mache da als ich fördere jetzt im Zukunft immer so viel wie ich will dann gerät dieses ganze System zwanken.”

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