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The mega-robbery of Albanians, oil towards $50 a barrel, captures the lowest levels since 2020, the Transparency Board keeps prices in the stratosphere
Written by Elmas Bogdani 21 Mars 2023
Oil has marked a drastic decrease in recent days due to concerns that the global banking sector could lead the world to recession. This steep drop had not happened since February 2020. Oil trading at 64 dollars a barrel should reflect in our country, but meanwhile in Albania the Transparency Board has fallen into a "lethargic sleep" and today as we speak, oil is sold for 182 lek a liter. But on the contrary, in cases where there is an increase in the price of oil in the global market, the reaction of the board is in record time. So the price of oil in our country is very high compared to other countries and this situation is having a negative effect on the economy. One thing is certain, oil in Albania will not be reduced acceptable to the pockets of Albanians.
The sharp drop in oil
West Texas Intermediate crude oil traded at $64.59 a barrel yesterday, down $2.15. Meanwhile, according to experts, the barrel is expected to go towards 50 dollars. On the other hand, London's Brent oil has started the week down by about 2.3 dollars and is trading at about 70 dollars per barrel, the lowest level since December 2021. Foreign media write that last week the prices of crude oil by 13.55%, the biggest drop since February 2020. A sign of the fear that gripped the markets from the ongoing fallout from the banking sector. Oil's fall yesterday was a further sign of continued pessimism about potential demand concerns and re-emergence of recessionary risks. Over the weekend, the Federal Reserve announced that the main central banks (SNB, BoC, BoE, BoJ,
What is happening with oil?
Last week we heard from Saudi Energy Minister Prince Abdulaziz bin Salman, who discussed the G7 price cap on Russian oil and tighter global oil production capacity. Prince Abdulaziz reiterated the need to adhere to OPEC's October 2022 decision to cut production by 2 million barrels per day by the end of 2023. Another point of interest is that oil prices are currently trading slightly below the limit originally designated by the US to replenish the Strategic Petroleum Reserve (SPR). The US is expected to see further declines in SPR between April 1 and June 30 as prices remain favorable to replenish stocks. On Friday, comments from US Energy Envoy Hochstein claimed that President Biden is committed to replenishing the SPR, which could theoretically increase oil prices. The question is, will such an incentive be sustainable given current market conditions?
Technically, UTI broke the 2022 lows last week after seeing a potential recovery from $68 a barrel. On Friday it went to $65 per barrel. It traded around $64.40 yesterday as risk sentiment showed signs of improvement heading into the US open. However, any further moves are likely to depend on the overall improvement in the global banking sector, which has fueled fears and pessimism that it could tip the world into recession.