The past week began with the information that oil prices had risen to the maximum since the beginning of the year.

Futures for Brent crude traded at $ 63.37 a barrel. West Texas Intermediate (WTI) futures traded at $ 55.68 a barrel. The main reason was the OPEC agreement on limiting oil production and new US sanctions against Venezuela. Due to the rising oil prices, the refining margin in Asia has dropped to a record low since 2010. The decline in oil production by the Organization of Petroleum Exporting Countries (OPEC) countries coincided with a decrease in the number of oil rigs in the United States and the introduction of new sanctions against Venezuela. The United States, as part of its sanctions against the state oil company of Venezuela, PDVSA, appointed April 28 as the deadline for the completion of contracts for oil from this country, according to the publication on the US Treasury website.

In the meantime, China plans to significantly increase its public energy financing. It is worth noting that in terms of the speed of development of this type of energy, China is already the world leader. According to Xinhua, in the next two years, Chinese authorities plan to invest 373 billion dollars, in the construction of solar and wind power plants. Chinese measures to stimulate clean energy are aimed at drastically increasing the share of non-fossil energy sources in the overall energy mix. The long-term State Council of the People's Republic of China plan assumes that by 2030, 20% of all energy needs of the second world economy will be provided without the use of fossil fuels - coal, oil and gas.

Currently, Brazil is the leader in the share of green energy in the world, where renewable sources account for about 45% of final energy consumption, followed by the European Union with a 17% share. China lags behind Brazil by 5 times and has a share of only 8.9%, however, it is the fastest growing market in the world for new “green” capacities and will remain so until at least 2023, predicts the International Energy Agency. In the next 5 years, according to the IEA estimates, wind energy production will almost double, from 21.9 to 39.8 million tons of oil equivalent per year. The power of solar stations will grow threefold - to 33 million tons AD. In general, in the world, according to the IEA, about 70% of the entire new energy generation in the next 5 years will be implemented through renewable sources. Their total share in world electricity production will increase from 25 to 29.4%, and in the production of heat for heating from 10.8 to 11.9%.

In the middle of the week, oil quotes prices rose significantly after the publication of data by the US Department of Energy on energy reserves over the past week. The cost of the April futures for Brent crude on the London Stock Exchange ICE Futures to 18:45 Moscow time rose by $ 0.45 (0.73%) - to $ 62.43 per barrel.
Futures for WTI crude oil for March on the New York Mercantile Exchange rose by this time by $ 0.35 (0.65%) - to $ 54.01 per barrel. Last week, commercial oil reserves in the United States increased by 1,263 thousand barrels to 447.207 million barrels, according to data from a weekly report by the US Department of Energy. Commodity stocks of gasoline increased by 513 thousand barrels and amounted to 257.893 million barrels, reports Bloomberg. Commercial stocks of distillates fell by 2,257,000 barrels, reaching 139.013 million barrels. Experts surveyed by Bloomberg, expected an increase in oil reserves by 1,850 thousand barrels, growth stock

At the end of the week, it was reported that the inclusion in the committee of the UAE, Iraq and Kazakhstan is under discussion. According to sources, Venezuela, Algeria and Oman, formerly members of the monitoring committee, “are no longer members of the committee,” and the ministers of Algeria and Oman will not come to Baku. At the same time, the UAE and Iraq, which are supposed to replace Algeria and Venezuela in the committee, can take part in the meeting.

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