After OPEC’s crude oil meeting last Friday, because the results showed a slight increase in production, crude oil prices soared above US$69 in intraday trading, whichWhat type of insurance bonds are needed for international crude oil trading shocked the market. After the opening on Monday, crude oil prices only maintained above US$69. After a short period of time, it immediately fell below, and continued to expand the decline in the subsequent period, once fell below 68 US dollars, but the final closing market closed in the 68-69 range. This may be an adjustment to the skyrocketing market last week, but some people believe that this may be the impact of OPEC's increase in production finally beginning to appear.
Although the concerns about idle capacity are reasonable, the actual problem is transportation, which has seen an improvement. Saudi Arabia is able to send 5 million barrels a day through ports, and it has stored approximately 100 million barrels in its own country and overseas.
The IEA estimates that non-OEPC production in 208 will increase by 800,000 barrels per day, more than double the 700,000 barrels per day in 207. Both the U.S. Energy Information Administration EIA and OPEC have predicted that U.S. crude oil production will exceed 10 million barrels per day this year. Today IEA also made the same prediction. On the demand side, the IEA expects non-global crude oil demand to increase by 500,000 barrels per day, which is consistent with last month’s expectations. IEA pointed out that due to the healthy recovery of the global economy, international oil prices have risen by 55% since June, and rising oil prices may limit demand growth to a certain extent.
And a new round of refined oil price adjustment cycle is coming. Based on the current rising international oil prices, domestic refined oil prices are already gaining momentum. Many forecasting agencies said that this time the oil price is likely to climb a higher ladder, the increase may reach more than 260 yuan/ton, and some even predict that the oil price may soon hit the largest single increase this year. The current average oil price is 8 yuan per liter. If the next round of oil price increases, the 8 yuan era is not far away.
In other words, once the United States sanctions Saudi Arabia, Saudi Arabia may reduce crude oil production, and OPEC's production increase will not be able to increase. Coupled with Iran's crude oil export ban, international oil prices will rise sharply. If the United States imposes sanctions on Saudi Arabia, we will face an economic disaster that will shake the whole world. Saudi Arabian National Television Al
Almost all OPEC members outside the Gulf region are unable to increase production, so it is not surprising that they oppose increasing production. VenezWhat type of insurance bonds are needed for international crude oil tradinguela's oil production is rapidly declining. Angola is also cutting production. Libya and Nigeria's oil production seems to have reached a temporary upper limit, and security issues have always become supply risks. In addition, as part of the OPEC agreement, they have not imposed official restrictions on production, so they have received little benefit in supporting other countries to increase production.
At present, Iran’s attitude is not clear. I don’t know whether Iran will accept Trump’s proposal to meet, especially since Trump has threatened Iran before. According to senior Iranian officials, Trump has repeatedly offered to meet with Iranian President Rouhani, but Rouhani refused.
Bob McNally, a former energy adviser to the Bush administration, said that apart from rising gasoline prices, there are few things that can make a US president such an enemy, because it will most intuitively affect the mood of American voters. Hedgeye