News in English     | 17.09.2019. 15:46 |

Situation on global oil market may affect prices in BiH

FENA Press release

SARAJEVO, September 17 (FENA) – Association “Petroleum Committee in Bosnia and Herzegovina”, following the latest world events and rising crude oil prices after the attacks on the facilities of one of the world's largest oil producers in Saudi Arabia, warns that global trends will also affect oil derivatives market of Bosnia and Herzegovina.

After the drone attack on two Saudi Aramco oil facilities in Saudi Arabia, Saudi Ministry of Energy announced that it would temporarily suspend production at the two affected sites.

The largest Saudi oil company has thus reduced production by 5.7 million barrels per day, which is almost half of Saudi Arabia's total production, or five percent of total world production.

This caused a significant market shock and a rise in crude oil prices as trading began on the world stock exchanges on Monday, according to a statement by the Association “Petroleum Committee in BiH”.

Considering that Bosnia and Herzegovina has not implemented the measures set out in the EU Directive 2009/119 / EC, aimed at ensuring availability of oil in case of a crisis, concerning the obligation to hold a mandatory reserve of oil and petroleum products, in the amount of at least 90 days of average net imports or 61 days of average daily consumption, market regulators have no ability to influence the impending rise in prices as a consequence of global crude oil price growth.

“We urge all relevant institutions, in order to avoid similar situations in the future, to make joint efforts to implement the measures set out in the EU Directive 2009/119 / EC,” stated the Association of Petroleum Committee in BiH.

(FENA) A. B.

Vezane vijesti

The average price of new apartments sold in BiH is 2,630 KM per square meter

The price of gas increases by 3.9 percent in FBiH

The increase in the amount of electricity exports was not accompanied by financial result

Promo

Obuka za CNC operatere u Tehnološkom parku INTERA

M:tel: Savršena kombinacija – Huawei telefon i pametni sat s popustom

M:tel: Stiglo nam je Proljeće!