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Ukraine southern Odesa region starts 2022 grain harvest

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KYIV (Reuters) – Farmers of Ukrainian southern Odesa region have started the 2022 grain harvest taking advantage of favourable weather, regional officials said late on Sunday.

Ukraine has already completed the 2022 grain sowing but the agriculture ministry gave no 2022 grain crop outlook.

The ministry had said farmers planned to sow 14.2 million hectares of spring grains this year, down from 16.9 million hectares in 2021 due to the Russian invasion.

The Odesa regional administration said local farmers had started winter barley threshing and producers would harvest a total of 1.06 million hectares of early grain crops, including 244,000 hectares of winter barley.

Farmers also will harvest 551,000 hectares of winter wheat.

Ukraine harvested a record 84 million tonnes of grain in clean weight in 2021, up from 65 million tonnes in 2020.

Commodities

Large tanker jam at the Bosphorus due to russian oil price cap

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oil price cap news

The embargo on Russian oil shipments from Russia and the Russian oil price cap came into force on December 5. On December 5, an embargo on sea shipments of oil from Russia and Russian oil price cap came into force.

This is now the most relevant oil price cap news. Now ships carrying Russian crude will be able to access Western insurers only if the crude is sold at $60 a barrel or lower. According to four oil industry representatives, Turkey has demanded a new insurance confirmation because of the price cap.

According to ship brokers, oil traders and satellite tracking services, about 19 tankers carrying Crude Oil piled up in Turkish waters on Monday, Dec. 5. According to a ship broker, the first tanker arrived as early as Nov. 29. According to information from ship brokers and the tankertrackers.com service, most of the oil is of Kazakh origin.

Since December 5, price limits for Russian oil have come into force; the limit is $60 per barrel. The price ceiling was agreed by the G7 countries (USA, Great Britain, Germany, France, Canada, Italy and Japan), as well as Australia and the European Union. Besides, the European embargo on deliveries of Russian crude oil by sea became effective. As explained in the U.S. Treasury, now, Russia has two choices: to supply crude oil under the price ceiling, using the services of “best in class” companies of G7 countries, or to use the expensive services of “less reliable” companies outside the G7.

The Kremlin declined to acknowledge any limits. According to Russian presidential spokesperson Dmitry Peskov, a decision on retaliatory measures is “being prepared. He called the West’s actions “a step towards destabilizing world energy markets. The Russian side has repeatedly warned that it will stop supplying energy resources to countries that limit the price.

Earlier we reported that the G7 countries support limiting the price of Russian oil.

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Caracas and Chevron will soon sign a series of contracts on crude oil production in Venezuela

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crude oil production in Venezuela

Caracas and Chevron will sign a series of contracts after Washington allowed the company to start crude oil production in Venezuela, local oil minister Tarek El Aissami said Tuesday.

According to the EFE news agency, the minister was informed of a “productive working meeting” with Chevron Venezuela head Javier La Rosa. “In the coming hours we will sign contracts to spur the development of joint ventures and oil production,” the minister said. What exactly will be in those contracts has not yet been disclosed.

The U.S. Treasury Department said earlier in November that it had allowed Chevron Corp (NYSE:CVX). To resume resource extraction activities in Venezuela on a limited scale. If it is possible to influence the world oil market in this way, the situation on the stock market, including Boeing stock price predictions, will also improve.

Note that the cost of oil production in Venezuela compared with world prices is very low. According to the document, the company is allowed to extract, transport and supply to the United States oil or oil products produced by joint ventures (JV) Chevron (the license does not allow delivery to any other countries), as well as to carry out any related maintenance and repair on the joint venture assets. Also, Chevron was granted the right to purchase and import into Venezuela goods or resources related to the above activities, including diluents, condensates, oil or natural gas products.

We previously reported that oil prices are rising on the supply and demand outlook.

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Why is oil getting more expensive? Price rises on supply and demand outlook

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why is oil getting more expensive

Global oil prices moved higher Thursday afternoon, trading data showed. Why is oil getting more expensive? Investors continue to assess the prospects for the balance of supply and demand in the market, including the OPEC+ deal.

Why have oil prices gone up so much? The price of January futures on Brent grew 0.83% to $87.69 per barrel, while February futures on WTI grew 0.87% to $81.25. Oil was getting cheaper by 0.5% in the morning.

Why have oil prices gone up so much?

Investors continue to watch the outlook for oil supply and demand. Thus, investors are waiting for the OPEC+ meeting, which is scheduled for Sunday, December 4. Traders assess whether the parameters of the oil agreement will be changed. Because the situation remains tense, even the stock market is falling. The trend can even be seen in Walt Disney stock price predictions.

Traders also fear a possible recession amid global central bank policy to raise rates due to high inflation as well as China’s measures to combat the coronavirus. The economic outlook could affect oil demand.

“The OPEC+ decision remains uncertain, but an extension of current production cuts is likely. The group will need to better understand China’s real measures on COVID before doing anything else with production levels,” Vanir Global Markets Pte. managing director James Whistler told Bloomberg. James Whistler.

Earlier, we reported that Bloomberg learned about the EU’s discussion of a $60 price ceiling on Russian oil.

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