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  • Sber CIB expects oil price to hit $100 a barrel by year-end
  • 2022 June 24 12:29

    Sber CIB expects oil price to hit $100 a barrel by year-end

    Sber CIB forecast: RUB65-70 / USD at the end of 2022

    Sber CIB does not agree with the forecasts of international brokers, who expect oil prices to surge to $150 per barrel. Sber CIB assumes that peak prices in the medium term will be reached this summer and will rise to $100 per barrel. Mikhail Sheibe, an analyst at Sberbank CIB, stated this at the Current State and Prospects for the Development of the Russian Market of Bunkering Services Conference.

    Answering a question from PortNews IAA, he announced Sberbank's currency forecast: RUB65-70 / USD at the end of 2022, which will be affected by the gradual recovery in import flows.

    “Russian production is strengthening in this current difficult times. A 30-percent discounts on Russian raw materials do wonders, allowing the country to maintain the level of production at 10.5-10.7 million barrels a day (from the level of 11 million barrels / day in February-March 2022 - Ed. note). We do not see a strong potential for a collapse in Russian production, just as we do not see a surge in demand, which will not stagnate for now. By the end of the year, we expect a price per barrel at $100. In the long term, prices will continue to be high. In 2023-2024, prices will not drop below $75-80 per barrel,” the expert was quoted as saying, repeating Sberbank’s forecast that by the end of the year RUB is expected to weaken towards 65-70 rubles per USD.

    According to him, the level of world reserves is a key factor in crude oil prices. Stocks in 2020-2021 were declining, with oil product market plunging into a state of deficit, he noted.

    “Both oil reserves and oil product stocks are at multi-year minimum levels. In 2013-2014, global demand was 90 million barrels per day, and now it is 100 million barrels per day. In recent months, a shortage of supply has been observed both in the oil market and in the markets of petroleum products due to a lack of refining capacity. The remaining free capacity of the refinery is located in China,” the Sber CIB specialist said.

    The key event of the second half of 2022 will be the visit of the US President to Saudi Arabia in July, which may determine the further actions of OPEC + and the planned deal in August.

2022 August 11

10:40 Equinor’s new floating production vessel Johan Castberg catches fire
10:33 EU ban on Russian coal imports comes into force - Deutsche Welle
10:01 Gubkin University supports 6th LNG Bunkering and Alternatives conference as its Industry Partner
09:41 QatarEnergy awards McDermott FEED contract for the North Field South Offshore Pipelines Project
09:40 Rosatom exercised option to purchase share in Delo Group and increased its stake to 49%
09:18 Crude oil futures decrease on surge of US reserves
08:59 MABUX: Uptrend to continue in Global bunker market on August 11

2022 August 10

18:37 Awilco LNG ASA enters a new time charter contract for the WilForce with an oil major
18:07 BHP, Pan Pacific Copper and Norsepower partner to harness the power of wind-assisted propulsion
17:55 Water area of Ust-Luga port’s southern district put into operation
17:46 Drydocks World-Dubai signs strategic partnership with Silverstream Technologies
17:26 US antitrust Commission seeks feedback on performance of exemption for liner shipping consortia
17:19 Throughput of port Shanghai (China) in 7M’2022 fell by 7% YoY to 291 million tonnes
16:52 STC INSISO secures six-figure contract extension with Peel Ports
16:40 The three major Korean shipbuilders account for 55% of global ship orders in July - BusinessKorea
16:17 “K” Line enters into long-term time charter with QatarEnergy for seven newbuilding LNG vessels
15:46 Crowley partners with EcoVadis
15:35 Port of Liepaja throughput in 7M’2022 rose by 16.8% Y-o-Y to 4.43 million tonnes
15:03 HHLA posts results for H1 2022
14:33 MOL signs deal to build 2nd bulk carrier equipped with 'Wind Challenger' hard sail system
14:02 Sea-Intelligence ApS analysed the container handling statistics for the major North America West Coast ports
13:32 Global Ports Holding continues to grow with 3 ports in the Canary Islands
13:21 Comprehensive ship repair modernization plan to be developed for Kamchatka
13:15 Brittany Ferries' Salamanca passenger ferry uses Wartsila's SPECS camera system for more efficient and safer operations
12:40 Pacific International Lines returns to WinGD for second XDF2.0 engine order
12:11 ScottishPower explores green hydrogen at Port of Felixstowe to help decarbonise the UK's busiest port
12:11 Port Houston total tonnage up 24% in H1 2022
11:29 The joint-venture companies conclude long-term time-charter with QatarEnergy for seven new LNG carriers
11:24 Freight and passenger ferry between Far East ports to be put into service in 2023
11:02 ÈTA Shipping and Western Baltic Engineering start the joint engineering of project ÈTA 6700
10:35 Port of Long Beach container volumes up 0.13% to 785,843TEU in July 2022
09:59 LNGNews supports 6th LNG Bunkering and Alternatives conference as its Information Partner
09:27 Crude oil futures decrease on chance of Iran supply boost
09:03 MABUX: Global bunker to change irregular on August 10 with no firm trend

2022 August 9

18:26 Solstad announces contract extension for PSV Normand Searcher
18:06 “K” Line selected as a Constituent of FTSE4Good Index Series and FTSE Blossom Japan Index
17:36 The Valencia Containerised Freight Index rises 2.5% in July
17:16 Port of Ipswich retains its place as the number one export port for agricultural products for 17 years in a row
17:09 LNG retrofits will rate higher under CII than HFO/scrubber or VLSFO alternatives - SEA-LNG
16:58 Nefteflot delivers first two survey ships of Project RDB 66.62 for IWW basins
16:41 MOL marks consecutive listings on FTSE4 Good Index Series and FTSE Blossom Japan Index
16:39 MarineMax to acquire IGY Marinas
16:04 Maersk announces new cold chain facility in South Carolina
15:50 Throughput of Murmansk Sea Fish Port in 7M’2022 rose by 40% YoY to 181 thousand tonnes
15:24 Georgia Ports Authority container volumes up 18 percent to 530,800 TEU in July 2022
15:04 MSC posts India's heavy-lift cargo record with 140-ton transformer
14:33 ONE launches Marine Safety and Quality Campaign 2022
14:13 ICTSI launches suite of digital services with new app
13:41 POT presents optimization model for oil terminal logistics
13:22 AtoB@C Shipping announces keel laying for the second hybrid vessel
13:02 Evergreen Marine obtains double certification for its greenhouse gas emission inventory
12:36 NYK сoncludes сontract for modification of LNG-fueled tugboat to ammonia-fuel specifications
12:15 Container traffic on Russian Railways’ internal network in 7M’2022 rose by 4.6% YoY
11:52 The Australian Maritime Safety Authority releases its Port State Control Annual Report for 2021
11:23 Nonius Engineering succeeds in phasing out of imported equipment in dredging segment
11:04 Incat Crowther announces the successful entry into service of Incat Crowther 30 Indomal Empire
10:41 Rechvodput counts on having 115 industrial ships built for inland water ways by 2030
10:36 New Zealand's South Port contracted Heron to remove fractured rock in the port entrance channel
10:00 Hydrogen engineering center with test field to be established on Sakhalin
09:59 Japan to provide a loan of $306 million to Cambodia for the expansion of a new container terminal at the Sihanoukville Port