ADVERTISEMENT

Business

How much was the price of Brent oil? (September 6, 2022 oil prices)

ADVERTISEMENT

Brent oil How many dollars?

Oil prices are falling.

The price per barrel of Brent crude fell below $ 94.

The Organization of Petroleum Exporting Countries (OPEC) and the OPEC + group, which includes some non-OPEC producing countries, agreed at the 32nd ministerial meeting held online yesterday, that the group would return to production level in August for October and agreed to cut production by 100,000 barrels a day. .

The group’s decision was perceived by market players as a “symbolic fall”. The expectation that the cut due to implementation difficulties would remain below this level led to a drop in prices that had risen prior to the decision.

On August 22, Saudi Arabia’s energy minister Abdulaziz bin Salman said the group was ready to cut production in response to the recent drop in oil prices.

Weak demand expectations caused by the newly adopted measures for Covid-19 in China and concerns about the economic slowdown continue to suppress prices.

It is stated that technically, the $ 95.66 to $ 96.67 range in Brent crude oil can be seen as a resistance and the $ 94.65 to 93.64 range as a support zone.

WHAT IS BRENT PETROL?

It is oil that drives the world oil market. Also known as London Brent or Brent Blend. Referred to as “Brent Goose” by the issuing company Shell, it contains 0.37% sulfur, which makes Brent Petroleum in the “sweet oil” class, which is easier to process.

It is easier for refineries that process crude oil to produce low-sulfur gasoline or diesel, i.e. sweet oil. The oil extracted from this region is sweet and light. Therefore, it is easy to refine and therefore suitable for the production of gasoline and diesel. It also facilitates direct shipping to remote areas by sea as it is shipped offshore.

For the price of oil, it matters where it comes from and which region it is extracted from. Cheaper and faster production is more in demand. There is also a difference between the price of oil extracted from the sea and that extracted from the land.

How much was the price of Brent oil?  (September 6, 2022 oil prices) - 1
The types of crude that are accepted as benchmarks are WTI (Western Texas Intermediate), Brent and Oman, WTI oil is traded on NYMEX, Brent oil is traded on ICE, and Oman oil is traded on DME. WTI is the name given to oil extracted from Central America, Brent oil from the North Sea and Oman oil from the Middle East.
How much was the price of Brent oil?  (September 6, 2022 oil prices) - 2
BRENT OIL 10 YEARS GRAPH

HOW MANY LITERS OF BRENT OIL IS A BARREL?

According to the data on the CMB website; One barrel of oil is equivalent to 42 gallons of crude oil (159 liters).

One barrel of crude oil can produce 19.6 gallons of gasoline, 10 gallons of diesel and heater fuel, 4 gallons of jet fuel, 1.7 gallons of heavy fuel oil, 1.7 gallons of LPG and 7, 6 gallons of other derivatives.

Not all flocks are equivalent.

IS THE GLOBAL OIL CRISIS REPEATED? / VIDEO NEWS

ADVERTISEMENT

Leave a Comment