RIYADH: Oil prices fell more than 1 percent on Wednesday, pressured by a strengthening dollar and crude storage builds that offset support from US production cuts caused by Hurricane Ian.
Brent crude futures fell $1.08, or 1.25 percent, to $85.19 per barrel at 08.30 a.m Saudi time, while US West Texas Intermediate crude futures were down $1.03, or 1.31 percent, at $77.47 per barrel.
Robust EV sales in China to affect gasoline demand: PetroChina
China’s gasoline consumption growth will be affected by strong electric vehicle sales in the country, a senior Chinese oil executive said on Wednesday.
EV sales hit 6 million units in the first eight months this year, Wu Qiunan, chief economist at PetroChina International, told a forum at the 38th Asia Pacific Petroleum Conference.
“That’s a big replacement of gasoline consumption,” he said, adding this may lower gasoline demand growth even as consumption is expected to recover when China eases COVID-19 restrictions.
Norway to strengthen security at oil, gas installations
Norway will strengthen security at its oil and gas installations following gas leaks in the Baltic Sea and reports of drone activities in the North Sea, the Nordic country’s energy minister said on Tuesday.
Europe was investigating major leaks in two Russian pipelines that spewed gas into the Baltic Sea on Tuesday as Sweden launched a preliminary probe into possible sabotage to infrastructure at the center of an energy standoff.
“Based on the information we have seen so far, much indicates acts of sabotage,” Norwegian Oil and Energy Minister Terje Aasland said in a statement.
The government had consulted with the armed forces and operators of oil and gas installations, both on land and offshore, it said.
On Monday, Norway’s Petroleum Safety Authority had urged greater vigilance over unidentified drones seen flying near Norwegian offshore oil and gas platforms, warning they could pose a risk of accidents or deliberate attacks.
(With input from Reuters)