Oil at near one-month high on supply outage in North SeaApril 5, 2017 - 18:12 AMT PanARMENIAN.Net - Crude prices climbed one percent on Wednesday, April 5 on the news of a supply outage at a field in the United Kingdom's sector of the North Sea, RT reports. Brent crude, the international benchmark for oil in the region, rose 54 cents to $54.71 per barrel. U.S. West Texas Intermediate (WTI) crude futures were up 52 cents, at $51.55 per barrel. For both benchmarks, this is the best performance since March, 8. "The immediate reason for the move was an unplanned production outage in the North Sea," said Sukrit Vijayakar, director of energy consultancy Trifecta, as quoted by Reuters. He was referring to an unpredicted production outage at the Buzzard oil field. Crude prices were also propped up by expectations the Organization of the Petroleum Exporting Countries (OPEC) would continue looking at cutting production. Moreover, there has been information that shipped oil supplies have dropped by 17 percent this year, according to oil analysis firm Vortexa. "We have seen a significant reduction in global oil supply since January, with oil on water going from 978 million barrels on Jan. 1 to 812 million barrels on April 3," said Vortexa chief executive Fabio Kuhn. "These changes are a signal that the rebalancing is happening faster than many in the market believe," Kuhn added. According to Reuters, OPEC shipments fell to 813.7 million barrels at the end of March from 796.6 million barrels at the beginning of the year. While U.S. oil stockpiles dropped by 1.8 million barrels last week to 533.7 million, this is still close to a record. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |