Page 117 - RusRPTSept22

9.1.1b Oil sector news
Norway has become the leading gas supplier to Europe.According to Business Insider, Norway has overtaken Russia in the volume of natural gas supplies to EU countries against the backdrop of the aggressor's reduction in its supplies. The country plans to keep natural gas production at a high level until 2030 as Europe grapples with an electricity crisis that could undermine its industry. Official forecasts say that Norway will increase natural gas production by 8% in 2022 compared to 2021. And accordingly, Norway will break the production record set five years ago.
Oil prices have started going up again. On August 17, oil prices rose, rising from the six-month low of the day before. A higher than forecasted drop in oil and gasoline inventories in the US reminded investors of petroleum demand’s resilience, even in the face of a global recession, writes Reuters. Brent crude oil futures rose 0.6% to $92.90 per barrel. West Texas Intermediate (WTI) crude futures rose 0.7% to $87.15 a barrel. Contracts fell about 3% on Tuesday as weak US homebuilding data fueled fears of a global recession. According to Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd, the oil market is expected to remain under pressure with relatively high volatility due to fears of a potential global recession.
The US set a 30-year record for oil exports. The US reached the highest levels of crude oil and petroleum products exports in three decades, writes
117 RUSSIA Country Report September 2022 www.intellinews.com