Current crude oil prices

Current crude oil prices

According to preliminary weekly dataCurrent crude oil prices, the daily output of US drillers is close to 2 million barrels. At the same time, the U.S. Energy Information Administration EIA reported that in the week ending on the month, U.S. crude oil inventories surged by 700,000 barrels.

According to sources, OPEC may decide to relax its requirement for a record-breaking 66% production cut in April and replace it with a supply restriction agreement. Even if OPEC decides to relax output restrictions in June, it may take up to four months to take effect.

As the statistics of the above ten years show, there is indeed a huge gap. In the long run, international oil prices have fallen while domestic oil prices have risen. This is a problem that seems incomprehensible? However, the problem is far from what we imagined. So simple.

Although the Sinopec report predicts that international oil prices will recover in 209, no one can be sure whether oil prices will continue to fall, setting a record low point. This just shows that the trend of oil price recovery in 209 will not come soon, most likely after the OPEC meeting in April 209 is held ahead of schedule.

Oil India’s finance chief said on the 8th that this is the company’s first short-term bid to buy US crude oil. After the United States withdrew from the 205 Iran nuclear agreement and announced that it would impose sanctions on Iran again, India has asked oil refineries to prepare for the sharp drop in Iranian crude oil supplies or even stop imports.

Demeter stated in Davos that if you want to crush U.S. shale oil, the international oil price must be below US$40/barrel, but this is also not conducive to the healtCurrent crude oil priceshy development of the Russian economy, so Russia cannot hurt the enemy by a thousand dollars. Eight hundred.

Iraq’s crude oil exports in July are expected to increase, which will be the country’s crude oil supply recovering after two months of decline. On the first two days of July, the average daily crude oil export in southern Iraq was 280,000 barrels, and the average daily export in June was 80,000 barrels. Shipment data shows that crude oil exports in northern Iraq have increased to 550,000 barrels per day since July, compared with 540,000 barrels per day in June.

The current Brent oil price of US$599/barrel means that the fiscal deficits of countries such as Saudi Arabia and Iraq will become more serious at this stage. It is difficult to maintain the scale of investment in the crude oil industry, making it difficult to reach a consensus on production reduction. In this context, international oil prices have long faced oversupply, and it is likely that they will fall below $45.