US oil market experiences a slight decline in prices

According to data on the OilPrice website on Wednesday, the price of Brent oil is $74.79 per barrel, while Texas WTI oil, the benchmark for the American market, is $70.70.

Oil prices rose to $76 on international markets on Tuesday after the International Energy Agency (IEA) raised its forecast for this year’s demand, highlighting China’s recovery after the lifting of Covid-19 containment measures.

On the London market, the barrel price after noon on Tuesday was 46 cents higher than at the previous close of trade and amounted to $75.69. It rose almost the same amount on the American market, where a barrel was traded for 71.56 dollars.

Traders were encouraged by the IEA, which raised its forecast for this year’s global oil demand by 200,000 barrels per day to a record 102 million barrels per day.

The IEA stated that China’s recovery, after the lifting of covid-control measures, exceeded expectations, and demand reached a record 16 million barrels per day in March.

Lukoil’s revenue decline

According to Russian accounting standards, the Russian oil company Lukoil achieved a net profit of 104.3 billion rubles (1.18 million euros) in the first quarter, which is 22 percent less compared to the same period in 2022.

Russia’s second-largest oil producer said its total revenue fell 63 percent to 455.83 billion rubles (5.45 billion euros) in January-March.

The company did not explain the reason for the decline. Like many other Russian companies, Lukoil stopped publishing its financial results calculated according to international standards after Moscow sent its troops to Ukraine in February 2022.