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Russia’s Vice Prime Minister Novak “Eased price volatility for months… Signs of recovery in supply and demand balance”
[에너지데일리 변국영 기자] On the 15th, international oil prices rose due to expectations for improvement in global supply and demand, a cold wave in the US, and a possible strike in Norway.
According to Korea National Oil Corporation’s international oil price trend, Brent rose by $0.87 per barrel to $63.30 per barrel, while WTI closed by $1.94 to $62.48 in Dubai without transaction information due to Presidents’ Day holidays in the United States.
Russia’s Deputy Prime Minister Alexander Novak said the global oil market is recovering and that the average oil price this year will be between $45 and $60. Deputy Prime Minister Novak commented on the market situation as “the price volatility has been easing in recent months, and this is a sign of a recovery in the supply-demand balance.”
Meanwhile, for the Nord Stream 2 gas pipeline project from Russia to Germany, Deputy Prime Minister Novak said the construction will be completed despite US attempts to interfere, with a current process rate of 95%.
A cold wave warning has been issued in 25 US states, and some production and supply disruptions are occurring. According to the U.S. Meteorological Administration, 150 million people in the U.S. live in areas where the cold wave warning was issued, and heating oil and electricity consumption are rapidly increasing due to cold weather. Some production facilities such as Permian have been shut down due to a power outage caused by a surge in power demand, and it is known that there is a disruption in the operation of oil pipelines.
Some workers at the Norwegian Mongstad export terminal could go on strike this week over wage negotiations, the union said. Mongstad Terminal is Norway’s largest export terminal, and if a strike becomes a reality, it is possible that a third of Norway’s crude oil production and 2/5 of its gas production will be affected.
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