Neil Argensen, head of the Petroleum Industry and Marketing Department, said that although the growth rate of oil demand will slow down, net crude oil imports are still expected to increase to 10 million barrels per day,Crude oil price inventory or about 500 million tons per year by 202. At that time, the annual net crude oil imports by the United States and India will both be about half.
The U.S. dollar index maintained its upward trend and climbed to 965 earlier and further approached the 94 mark. This was due to higher U.S. Treasury yields and the latest Fed official speeches that released hawkish signals. In 208, the FOMC voting committee and Atlanta Fed President Bostic said that it was correct to confirm 2-4 interest rate hikes this year and raised the GDP growth forecast this year to 4-5%. Bostic said that after additional fiscal stimulus measures, he now supports three interest rate hikes this year. Overnight the Fed’s newcomer, Clarida, the nominee for vice chairman, expressed support for interest rate normalization at the hearing and hinted that the Fed may raise interest rates faster.
In the past two and a half years, it has become the largest Asian market for American drillers. However, the United States recently announced a 25% tariff on US$50 billion of imported goods and threatened that if it does not change its practice, it will impose on US$100 billion of imported goods. Judging from the intensification of a series of trade wars, such as imposing 0% tariffs, the United States may lose the largest Asian market for crude oil.
Analysts said in the report that as the high oil prices drive US exports, the reduction in US supplies may exacerbate the gap, requiring OPEC to further increase production. Although Saudi Arabia is already increasing exports, it will not be delivered until August.
The Permian oil pipeline is basically operating at full capacity, which means that continuous growth in production has forced producers to try to find creative ways to bring oil to the market, including transporting oil by train and truck, or consuming oil locally. However, these methods may not be enough to absorb all expected supply increases.
American drilling companies, which are committed to extracting crude oil from shale rock formations, are facing problems such as a shortage of workers and limited pipeline capacCrude oil price inventoryity in western Texas. At the same time, these drilling companies are more concerned about how to return value to shareholders, rather than investing income into new production.
The practical skills of BOLL indicator in crude oil investment mainly focus on the relationship between the K line and the upper, middle and lower rails of the BOLL indicator and the opening and closing conditions of the Bollinger Band. Because the BOLL indicator is on the main chart on some software, in order to more accurately study and judge the market, investors can use the combination of BOLL and TRIX indicators to study and judge the market.
In 2004, Iran and Britain, France and Germany representing the European Union reached an agreement on the Iranian nuclear issue in Paris, France. Britain, France and Germany promised to provide Iran with a light water reactor, nuclear fuel and nuclear technology, and will provide assistance to Iran in economic and trade cooperation. In order to implement the Paris Agreement, Iran and Britain, France and Germany conducted many negotiations and meetings between 2004 and 2005, but no substantial progress was reached.
So in general, if the United States continues to act, it will probably trigger a strong rebound in Russia. The most important thing is that if Russia ends production cuts ahead of schedule and joins the battle with the United States in the crude oil market, it will further stimulate OPEC to end production cuts early. Because in the face of the two major oil-producing countries competing for the market, OPEC’s single-handed reduction in production is obviously difficult to support. Perhaps this year it may be able to maintain its promise to maintain production, but it may be difficult to say next year. Moreover, there are also previous news that OPEC has indicated that it is currently reducing production. The goal has been achieved, and there are voices in Iran that there is no need to cut production at the moment. Therefore, the fate of future crude oil production cuts is likely to end due to the crude oil competition between the United States and Russia. At that time, crude oil prices may face endless declines again.