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Oil Updates — Crude Climbs; The Pyrenees pipeline is not a priority for France; Indonesia raises fuel prices

RIYADH: Oil prices rose on Friday on expectations that the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, will discuss production cuts at a meeting on May 5. September, although concerns over China’s COVID-19 curbs and a weak global economy dominated the market.

Brent crude futures rose 66 cents to settle at $93.02 a barrel, while US West Texas Intermediate crude futures rose 26 cents to settle at 86, $87 a barrel.

French finance minister says Pyrenees pipeline not a priority

France should focus on the short-term energy challenge posed by the approach of the winter season, Finance Minister Bruno Le Maire said on Saturday when asked about a possible new gas pipeline via the Pyrenees.

“The short-term challenge is to get more gas, more oil and more electricity from countries other than Russia,” he told reporters during a news conference at the Russian forum. Ambrosetti business in northern Italy.

“It’s a matter of months, weeks, days, I’m not sure a new pipeline can help us get through the winter,” he added.

“Let’s focus on the very short-term challenges,” he said, adding that public opinion might question an investment in fossil fuel infrastructure as they expected the transition to accelerate instead. green energy.

“Electricity and hydrogen seem more promising to me than a new gas pipeline.”

Spain’s energy minister this week criticized France’s reluctance to back a plan to build a third gas connection between the two countries to reduce Europe’s dependence on Russian gas.

Indonesia raises fuel prices

Indonesia raised subsidized fuel prices by around 30% on Saturday as the government moves to rein in rising subsidies despite the risk of mass protests.

The price of subsidized gasoline was raised to 10,000 rupees (67 US cents) per liter from 7,650 rupees, while that of subsidized diesel increased to 6,800 rupees per liter from 5,150 rupees, a said Energy Minister Arifin Tasrif.

“I actually wanted to keep domestic fuel prices affordable by providing subsidies, but the subsidy budget has tripled and will continue to increase,” President Joko Widodo told a press conference.

“Now the government has to make a decision in a difficult situation. This is the government’s last option,” said Jokowi, as the president is known.

Gas situation in Germany tense and could worsen, says regulator

Germany’s gas supply situation is currently secure, but the situation is tense and further deterioration cannot be ruled out, the country’s network regulator said after Russia’s Gazprom extended a pipeline shutdown NordStream 1.

Russia waived a Saturday deadline to resume flows through the pipeline, saying it discovered an oil leak in a turbine during maintenance.

“The flaws alleged by the Russian side are not a technical reason for halting operations,” the regulator said in its daily gas situation report.

(Contributed by Reuters)