When API inventories plummeted by more than 9 million barrels on Tuesday, far exceeding the expected 2 million barrels, some people seemed to have predicted that the next Wednesday’s EIA might have explosive data. As expected, the overnight EIA inventory data plummeted by nearly a thousand. 10,000 barrels, which greatly boosted the confidence of crude oil bulls. AU.S. crude oil imports and exportslthough OPEC has made it clear that it will gradually increase production, the decline in the supply of crude oil from Iran and Libya is expected to offset this disadvantage. The positive results from the inventory data of these two days helped crude oil achieve two consecutive surges. The highest overnight oil price recorded US$706, a new high since the beginning of the year.
First, yesterday, an earthquake of magnitude magnitude occurred in the downtown area of Osaka, Japan. This was a sudden force majeure factor. As the largest crude oil importer, the earthquake triggered the closure of factories. Short-term oil prices did plunge, but in the long run, restoration and reconstruction require more investment. More industrial production will push up the demand for crude oil in the long term, so oil prices have shown a trend of first falling and then rising.
At the same time, India's crude oil imports will also rise. According to the statistics published by the editor of Yiniu Finance and Economics, India imported 22.04 million tons of crude oil in the last fiscal year, and imports of 208-20 in this fiscal year are expected to reach 2.7 billion tons.
The United States has been carrying out a shale oil revolution in the past 20 years, which has led to a significant increase in US crude oil production. In 206, the U.S. shale oil production exceeded 0 billion tons, accounting for more than 50% of the U.S. in particular, and 90% of the global shale oil production. Due to the rapid exploitation of shale oil, the United States has surpassed Saudi Arabia and Russia to become the world's largest crude oil producer, with crude oil production reaching 700,000 barrels per day. Especially in the Permian Basin in western Texas and eastern New Mexico, the daily shale oil production in this basin accounts for 4% of the total US shale oil production. Due to the massive exploitation of shale oil, the United States has realized its dream of energy self-sufficiency.
②U.S. President Trump formally signed a document confirming the withdrawal agreement and restarting sanctions against Iran, which poses severe challenges to the Iranian energy industry. Trump said: I announce that the United States has officially withdrawn from the Iran nuclear agreement, and we will impose the highest level of economic sanctions on Iran.
Every investor has to go through the process from a rookie to an investor. There will be experience accumulation, technology learning, and mentality training during the entry process of crude oil investment. How can we avoid detours on the entry road of crude oil investment? How can we geU.S. crude oil imports and exportst started faster? , Here are a few key points, I hope you will learn something soon. Start of spot crude oil investment: the entry threshold There are many platforms for spot crude oil investment, and the amount of funds required is also different. Normal large platforms generally require
An interesting conclusion of the Barclays Bank report is that the bank believes that there will be no boom and bust cycles in the next ten years, despite the historical tendency. The bank pointed out: Of course, if the supply interruption worsens, economic growth remains resilient, and the Permian transportation bottleneck problem is not resolved, a perfect bullish storm may push oil prices above $00 per barrel. However, we believe that such a price level is unsustainable, given the U.S. government's inventory and a more fragile economic outlook, Saudi Arabia and Russia have expressed their willingness to keep oil prices within a range by increasing production.
In addition to the gradual increase in oil production in major oil fields, my country's crude oil reserves are also increasing. my country’s crude oil reserves in October this year increased by 29.09 million barrels, a four-fold increase over September and an increase of 9% over the same period in 207. my country’s oil reserve goal is to meet the 00-day oil consumption demand in 2020.
Despite the recent decline in US crude oil inventories, production continues to grow. According to data released by the U.S. Energy Information Administration EIA on June day, in the week of May 25, U.S. crude oil production increased by 40,000 barrels to 0.79 million barrels per day, a 4 consecutive week of growth. The monthly output reached 0.47 million barrels per day, the highest monthly record.
To sum up, the possibility that international oil prices will continue to rise sharply in the future is higher than the probability of a decline. Large-scale production cuts in Saudi Arabia and Iraq may cause supply disruptions, which will cause international oil prices to rise all the way to the $60 mark.