Oil price stability hits Washington’s hopes
Oil maintained the significant gains it gained on Monday to settle at $100 per barrel,
despite the US administration’s promises to expand output in the coming days.
American hopes
The White House expected the major oil producers in the OPEC + alliance to increase crude production
after US President Joe Biden’s trip to the Middle East, and Washington is seeking talks through US Treasury Secretary
Janet Yellen to persuade market parties to set the ceiling for the price of Russian oil
for further sanctions imposed on Russia and depriving it of oil revenues.
topic
Russian production
The European Central is moving about half a point higher this week.
The Turkish lira continues to fall faster than expectations.
Russian production
Russian oil producers produced 10.78 million barrels per day from July 1 to July 17
up 0.6 percent from the previous month.
This was due to increased domestic demand offsetting a decline in exports to other significant markets.
Oil demand
Forecasts by OPEC expects a rise in global demand by 2.7 million per day on an annual basis to reach 103 million barrels per day
and the organization indicated in its monthly report that demand in the next year 2023
will be supported by the continued strong economic performance in the major consuming countries
The European Central is moving about half a point higher this week.
The European Central Bank is considering increasing interest rates by half a point on Thursday
after setting them at a quarter of a point earlier this month in response to high inflation
This move is seen by some as a sharp departure from committed trends and
will bring the European Central Bank closer to the global drivers of the significant increases.
At a time when officials are attempting to raise this week, the first time in more than a decade
the ECB deposit rates saw their high in March 2023 after increases at each meeting,
but the hike of 50 basis points does not find enough support so far, as many perceive it.
Economists predict that the European Central Bank will increase borrowing prices by 25 basis points this week,
and more than 60 central banks worldwide are expected to do the same in 2022.
In a speech on June 28, President Christine Lagarte left space to exceed 25 basis points,
and this came days before data showed high inflation in the euro area, which rose to a higher-than-expected 8.6%,
which represents more than four times, and added that it is clear
that there is Circumstances in which graduation would not be appropriate and if we see,
for example, higher inflation or signs of a permanent loss of economic potential that limits the availability of resources
According to some sources, the European Central Bank is attempting to present a plan to support the bond market for debt-ridden nations like Italy,
but only if they adhere to reforms and budget restraint.
This information comes as inflation data continue to reach record highs and the euro has depreciated below parity with the dollar.
artical name Oil price stability hits Washington’s hopes
The Turkish lira continues to fall faster than expectations.
The Turkish lira dropped to its lowest historical level on December 20, 2021, around the time of the announcement of inflation figures,
which hit 36 percent and represented the lowest levels in 20 years, and subsequently dropped to 18.4 lira to the dollar during today’s trade
, its lowest level in seven months.
These declines came in light of the Turkish president’s insistence on implementing the policy of interest cuts,
which he sees as a demon that must be fought according to the previously announced economic model Ongoing 2022
In a survey, participants expected that inflation in Turkey would reach 57.90% by the end of this year,
and economic growth would be -3.3% instead of the planned 3.2%.
Perhaps the most important factors affecting the Turkish lira are the current inflation, which has reached its record levels in 24 years,
exceeding levels of 78% last month, compared to 73.5% during the month of May,
and the budget deficit, which reached 31 billion Turkish liras,
compared to a surplus last May that reached 144 billion pounds,
and revenues during the month of June amounted to 181 billion pounds,
while expenditures jumped to 212 billion pounds.
The hard currency of the Turkish Central Bank’s reserves fell to its lowest level in 20 years to reach 7 billion dollars last year,
and data revealed that the reserves reached 102 billion dollars,
divided into 41 billion dollars in gold deposits and 60 billion in liquidity.
artical name Oil price stability hits Washington’s hopes