For Japan, India and South Korea, the iBrent crude oil spot pricessue of crude oil supply is indeed a balance of interests. A researcher from the Korea Energy Economics Agency said that South Korea is currently in a difficult situation because they have to take orders from the United States. The researcher also said that because it is facing the Trump administration, this uncertainty has caused concerns among Asian refineries and petrochemical companies. Under pressure, some companies have to actively choose to reduce before the deadline. Iran's crude oil imports have intensified concerns about insufficient crude oil supply in the market.
According to PetroChina, in 208, oil and gas output from overseas oil and gas rights exceeded 98 million tons for the first time, and oil and gas output from foreign cooperation exceeded 10 million tons, which indicates that oil's influence in the international market has increased. RMB oil will rise, ending the dominance of dollar oil?
The overnight EIA inventory once again brought bad news to the crude oil market, and the previous API data was flat, which further expanded the decline in crude oil prices, which had been falling during the day. The intraday oil price fell by nearly $7, but it closed at the close. There has been a wave of significant increases in the past, making the intraday market only a small decline. However, such a negative effect still further affects the price of crude oil after the opening of the market on Thursday. After the opening of the market today, the price of oil directly returned to below $72 and fell. It is also gradually expanding in the morning. According to the current news in the market, it may fall to $7 again in the evening. Does this mean that crude oil prices will continue to fall afterwards?
Pushkarev said: The lack of Iranian exports will soon be compensated. Russia's highest production has reached 50,000 barrels, which is the same as the output before the OPEC+ agreement. In addition, Saudi Arabia can also add an additional 0 million barrels per day. Once the production cap is raised, the oil market will be adequately supplied.
The situation in the Middle East has always been the focus of global financial markets, and it has also been closely related to the rise and fall of international oil prices. This is not because the US Treasury Department announced on February 9 that it would lift the sanctions against Rusal and other companies. At the same time, US President Trump decided to withdraw troops from Syria, and the market believed that the United States would further show favor to Russia on the Middle East issue.
First, the price of crude oil has continued to rise, and OPEC lacks sufficient reasons to continue to reduce production or even extend the agreement. OPEC and non-OPEC oil-producing countries jointly reached a production reduction agreement in 206, which has been implemented for 8 months. In the past year and a half, international oil prices have nearly tripled. In the past year, oil prices have risen by 80%, reaching US$80 per barreBrent crude oil spot pricel in mid-May.
The reason why international oil prices have not been affected is that Qatar's crude oil production ranks last among OPEC member countries. In October, the cartel’s oil production was 609,000 barrels per day, ranking first among OPEC member states. You know, Saudi Arabia's crude oil production, which ranks first, has reached 500,000 barrels per day, and Qatar's oil production is only a fraction of Saudi Arabia.