January 28, 2023

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Oil falls to its lowest level for the year due to the China crisis and the return of Venezuela

Decline Oil price. Barrel price Brent Delivery has arrived in a month’s fall 3% this Monday, up to $81, ‘Zero Covid’ marks its lowest level since January after social protests in China over quarantine policies spread to several cities. A resurgence of the epidemic in recent weeks has prompted the government to tighten movement restrictions again, causing shutdowns in economic activity. However, it managed to recover to close the day at $83.16, down 1.04%.

The outlook affects investor confidence and the outlook for energy demand. China is the world’s largest oil importer and its consumption favors producers OPECIt is feeling the effects of recession EuropeIt is the third largest economy in the world after the US.

The Oil prices are also coming under downward pressure This Monday comes after the United States gave Chevron Oil Co. the green light to resume oil production after more than two years of vetoing the U.S. company’s operations in Venezuela. The The South American country has the largest estimated reserves Ahead of Saudi Arabia in the world, but its production is very low because it cannot exploit them. The corruption of the Nicolás Maduro regimeLack of investment in the sector and progressive withdrawal of foreign oil companies etc Chevron or Spanish Repsol operating there.

The Markets are still nervous about the G7 plans impose a Russian oil price ceiling In response to his invasion of Ukraine. Investors are also cautious ahead of the meeting OPEC+ On December 4, a group of major producers are expected to maintain the latest approved output cuts.

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