Russian oil prices are falling29 Jul 2023 07:18
It is estimated that the price of Brent oil will approach the level of $100/barrel by the end of the year, with OPEC+ production cuts and China's steps to stimulate the economy.
Energy Diary - Discounted Russian oil will cost $5. This will increase Turkey's oil bill by $19.2 million.
According to the news by Hilal Sarı on my research.com, oil demand is expected to record a record in the third quarter of 2023, with the ongoing supply cuts of the Organization of Petroleum Exporting Countries and its allies (OPEC+) and the government's support for economic growth in China. According to some financial institutions, with this increase in demand, oil prices will approach the level of $100/barrel by the end of the year. While Goldman Sachs announced the year-end forecast for Brent oil as 86 dollars/barrel, ANZ's year-end forecast for Brent is 100 dollars/barrel and UBS's year-end forecast is 95 dollars/barrel.
With the ongoing cuts on the supply side and the incentive statements from China, the price of Brent oil per barrel increased by 5 percent in the last 5 days , exceeding the $ 83 last seen in April . WTI also rose above 5 percent in the last 5 days, reaching the level of 79.74, the peak of 5 months, at the limit of 80 dollars.
RUSSIAN OIL DISCOUNT WILL LOWER, TURKEY'S BILLS WILL RISE
On the other hand, the Ministry of Finance of Russia announced that it is planned to reduce the reduction of 25 dollars/barrel in the taxation of oil exports to 20 dollars. Reducing the discounts on Russian oil by $5 will increase Turkey's oil bill by $19.2 million, calculated from April levels.
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