As of 8:4 Beijing time, spot crude oil prices rose slightly by US$0.28, and oil prices rose by 0.4% to US$6 per barrel. As shown in the figure, crude oil prices flCrude oil contract contract month and expiry dateuctuated sharply above US$67, but did not fall below this key support. This may indicate that crude oil prices can continue to rise in the future?
Despite OPEC's production cuts, production in non-OPEC oil-producing countries such as the United States and Russia is increasing. The International Rumored News Agency said on Saturday that Russia’s June oil production exceeded its target, reaching 0 million barrels per day. The increase in the number of active drilling rigs in the United States last week indicates that oil production will also rise from a record high of 0.8 million barrels per day.
Iraq is OPEC's second-largest oil producer after Saudi Arabia, and 95% of its public expenditures rely on oil sales. The low oil price and the rising cost of fighting against IS militants have made the Iraqi economy faltering.
Hill senior research analyst Matt Badiali said: Affected by Venezuela has become a bankrupt country, our supply is limited. Under the influence of Iran sanctions, we may experience supply disruptions. Indeed, Venezuela is currently facing inflation, the economy is on the verge of collapse, and commodity prices soar uncontrollably every day. The International Monetary Fund IMF said last week that Venezuela is currently in a serious economic and social crisis and believes that the country’s inflation level will exceed 000000% by the end of this year. As a result, the country's crude oil production fell again and again. Venezuela’s daily oil production in June fell another 450,000 barrels from the previous month. According to second-hand sources cited by OPEC, Venezuela's June production fell to 40,000 barrels per day. This result is the lowest level in Venezuela's oil production in nearly 70 years, except for the 2002-200 strike.
According to Rystad data, from 20 to 204, when the price of Brent crude oil remained above US$00 per barrel, all oil companies drilled nearly 00 exploratory wells in African waters each year. However, as the price of crude oil began to fall in the second half of 204, consumption was affected, coupled with the fact that most of the crude oil must be extracted in deep water, which made extraction costs high and ultimately led to a decline in production.
Specific data show that the number of ADP jobs in the United States increased by 80,000 in May, which was less than the expected increase of 90,000. The revised value of the US real GDP annualized Crude oil contract contract month and expiry datequarterly rate in the first quarter is 2%, which is less than the expected %. In this regard, Forex.com analyst Fawad
According to statistics from the Petroleum Planning and Analysis Department of India’s Ministry of Petroleum, India’s total oil demand in April expanded from 6.9 million tons a year ago to 7.7 million tons, which is the eighth consecutive month of growth in Indian oil demand.
The futures price of Brent crude oil has risen to US$75/barrel. This is because the market is worried that the United States may resume sanctions on Iran. However, Iran’s regional rival, Saudi Arabia, hopes that oil prices will rise to US$80/barrel. Support the sale of Saudi Aramco’s equity. At the same time, these two countries are also engaged in proxy wars in this region through Yemen and Syria.