Crude oil trading at 1 am

Crude oil trading at 1 am

Among them, crude oil imports are particularly huge. Crude oil imports in April reached 9.6 million barrels per day, accounting for almost 0% of global consumption. Calculated at current prices, crude oil imports reached 6.8 billion US dollars per day, that is, 2 billion US dollars pCrude oil trading at 1 amer month and 280 billion US dollars per year.

According to the report, the news caused an immediate increase in oil prices by %, and the West Texas Intermediate base crude oil for August delivery on the New York Mercantile Exchange rose to 70.02 US dollars per barrel. The White House stated in May that the United States would withdraw from the Iran nuclear agreement signed in 205 and begin to reimpose economic-damaging sanctions on Iran, one of the world's largest oil suppliers.

Saudi Arabia is the largest oil producer in OPEC. Saudi Crown Prince Mohammed bin Salman said at the end of last month that OPEC and non-OPEC oil-producing country Russia are considering signing a long-term agreement with a period of 0 to 20 years to reduce crude oil production to regulate global crude oil supply and stabilize crude oil prices.

In response to Trump’s tweets, OPEC Secretary General Barkin stated that OPEC has no price targets, nor has it set any target prices in joint operations with non-OPEC oil-producing countries. Price is not our goal. Our goal is to restore stability to the market on a sustainable basis.

Despite this, Iran, Venezuela and Iraq have unanimously expressed their hope that the production reduction agreement can maintain the status quo. According to the latest situation, OPEC and Russia may only increase production by 0 to 600,000 barrels per day in the next few months, which greatly eases market panic.

After the EIA inventory data coCrude oil trading at 1 ammes out, the market sentiment may change, but the market may not absolutely follow the signals given by the data. For example, the inventory rises, but the crude oil price does not fall but rises, which may be due to expected fulfillment;

At the same time, the recent crude oil inventory data released by the U.S. Energy Agency shows that U.S. crude oil production has slowed down, and shale oil rigs dropped by 8 last week, further confirming the claim that U.S. crude oil production capacity has fallen due to low oil prices.

Morgan Stanley said that because crude oil from the US shale region is not suitable for the production of middle distillates, the record US crude oil production may not help. Morgan Stanley believes that it is expected that the crude oil market will continue to be in short supply and inventory will continue to decline, which may support prices.

A few days ago, it was reported that Venezuela’s economic crisis led to a sharp decline in its own crude oil production, which indirectly affected OPEC’s production decline and benefited crude oil prices. Obviously, if the situation in the Middle East deteriorates further, Venezuela’s plight will be further expanded. At the same time, Venezuela will only One by one. There may be a second or even third Venezuela in the future, because the issue of the Iran nuclear agreement has caused the production capacity of oil-producing countries to decline. Although it may inject strong upward momentum into crude oil prices in the short term, this is only accelerating the OPEC production reduction agreement. rupture.