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Oil Updates — Crude steady; Russia to raise tax on fuel; Iranian fuel ships to sail to Lebanon 

RIYADH: Oil prices steadied on Tuesday after rising in the previous session on concerns that further US interest rate hikes this week to tame inflation will curb economic growth and fuel demand in the world’s biggest oil consumer.

Brent crude futures for November settlement rose 3 cents to $92.03 a barrel by 0449 GMT.

US West Texas Intermediate crude for October delivery was at $85.76 a barrel, up 3 cents. The October contract will expire on Tuesday and the more active November contract was at $85.29, down 7 cents, or 0.1 percent.

Russia weighs hike in taxes on oil, gas: Kommersant

Russia is considering raising taxes on the oil and gas sector in order to plug the 2023 budget gap, the Kommersant daily said on Tuesday, citing sources familiar with the discussions.

The government wants, in particular, to raise the export duty on gas to up to 50 percent, start levying a duty on liquefied natural gas and raise domestic gas prices so that companies pay more in minerals extraction tax, the paper said.

The finance ministry has also proposed hiking the oil export duty and increasing state revenue from the oil products trade.

Investors see US oil between $80 and $100 per barrel next year: Survey

US crude oil prices will average between $80 and $100 per barrel next year, investors attending a Barclays conference this month estimated, suggesting a stronger outlook than future prices suggest.

In the Barclays surveys, some 56 percent of participants at its CEO Energy & Power Conference indicated they expect global oil inventories to be lower over the next 12 months.

The Energy Information Administration, the statistical arm of the US Department of Energy, expects oil production to average 12.6 million barrels per day next year, up about 800,000 bpd from forecasts for 11.8 million bpd this year.

Barclays’ survey participants anticipate oilfield inflation to remain a problem, with 68 percent suggesting costs will jump by 10 percent to 20 percent in 2023.

Barclays did not disclose the number of participants in the survey.

Iranian fuel ships to sail to Lebanon soon: Embassy

Iranian fuel ships will sail to Lebanon in a week or two, the Iranian embassy in Beirut told Lebanon’s Hezbollah Al-Manar TV on Monday.

A Lebanese delegation arrived in Tehran for talks with oil and energy ministries.

Both sides are also discussing the construction of new power plants and fixing electrical power networks, the embassy added.

(With input from Reuters) 

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