The cost of “black gold” has also increased on the backdrop of the closure of a major Turkish export terminal in Ceyhan. The International Energy Agency estimates that half of the growth in world oil demand in 2023 will come from China.
After the severe earthquake in Turkey and the closure of a major Turkish export terminal in Ceyhan, where Azerbaijani oil is exported to international markets, the cost of oil in the world has risen sharply. This was reported by Reuters.
Thus, as of February 7, Brent crude oil contracts increased by 1.01%, $81.8 per barreland 1.11% for West Texas Intermediate oil, $74.9
According to analysts at OANDA, the price of crude oil is rising due to supply disruptions following the devastating earthquake in Turkey.
“Crude oil prices are rising due to expectations that China will continue to reopen and supply disruptions due to the devastating earthquake in Turkey,” the report said.
At the same time, if the US Federal Reserve raises interest rates and provokes a stronger dollar, the cost of oil in the world could rise even more.
Meanwhile, Saudi Arabia, now the world’s largest oil exporter, has raised the price of its flagship oil to Asian buyers for the first time in six months, amid expectations that demand for oil will pick up, especially from China.
According to the forecasts of the International Energy Agency (IEA), half of the growth in world oil demand in 2023 will come from China.
Remember, on February 6, a severe earthquake occurred in southeast Turkey near the Syrian border, with a magnitude exceeding 7 points in some provinces. An earthquake with a magnitude of 7.8 occurred 37 km from the city of Gazantep, which has a population of close to 1 million.
The tremors that shook Turkey and Syria were felt even in Greenland. And President Tayyip Erdogan likened the current earthquake to a natural disaster in 1939.
According to Reuters, the death toll in the severe earthquake in Turkey and Syria has exceeded 4,400. But according to British Geological Survey researcher Roger Musson, the tragedy could have cost tens of thousands of lives.
Source: Focus
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