Saudi Arabia and Russia plan to terminate the Zi'an production restriction agreement and increase the crude oil output of OPEC and non-OPEC oil-producing countries by 0 million barrels a day. Affected by this news, on the last trading day of last week, international oil prices plunged 4%. However, some countries participating in the reduction of production do not approve of the appropriate production increase plans proposed by Saudi Arabia and Russia. This is similar to the plan of Iran and others to oppose Saudi Arabia's plan to increase OPEC's daily output ceiling in June 20, but this time it is more coThe largest international crude oil producermplicated: there are both OPEC and non-OPEC members among the opposing countries.
I am also very willing to import Canadian oil, because Canadian oil is $50 cheaper than American oil. Winter is here, and the demand for crude oil is increasing. Importing cheap Canadian crude oil has not only solved Canada's problems, but also saved a lot of money. Why not?
According to sources quoted by the internationally renowned media Reuters, OPEC may decide to increase crude oil production in June to make up for insufficient supply in areas such as Iran and Venezuela. In addition, the energy ministers of Saudi Arabia, Russia, and the UAE have discussed increasing production by about 0 million barrels per day. The news put international oil prices under pressure. Starting on May 28, international oil prices fell rapidly. Brent crude oil trading fell 4% to US$729 per barrel, and West Texas light crude oil WTI fell by 05% to US$649 per barrel. .
US crude oil production has reached 0.47 million barrels per day, setting a new monthly record, and US crude oil production has approached Russia. As a major oil producer in the world, with the lifting of the US crude oil export ban, more crude oil will inevitably flow into the market, which will continue to put pressure on crude oil fundamentals.
The monthly report of the International Energy Agency in September showed that the average daily output of global crude oil in August exceeded the 100 million barrels mark for the first time in history, showing that global crude oil production continued to rise at the current price level. The U.S. Energy Information Administration predicts that in 208 global crude oil inventories will decrease by an average of 400,000 barrels per day, while global crude oil inventories will increase by an average of 0 million barrels per day in 209.
China Oil.com once mentioned that the impact of the Sino-US trade war on crude oil prices is mainly reflected in two aspects. One is that if exports are affected by the trade war, it will drag down the domestic economy and affect the consumption of rThe largest international crude oil producerefined oil. On the other hand, import from the United States. The pace of crude oil may have slowed down. We believe that the future direction of US inventories will still be determined by net imports, and Asian buyers’ purchasing efforts are particularly important.
US crude oil fell under pressure again this week. US crude oil fell below the $65 round mark on Monday, June 4. OPEC and the expectation of Russia's intention to increase production continue to put pressure on oil prices, while the high crude oil production in the United States continues to add fuel to the fire. The sentiment in the crude oil market is now quite negative. Zhoumei crude oil rebounded moderately to around $65/barrel.
According to the average wholesale price of PetroChina, the price of No. 92 gasoline is 748 yuan per ton, up 25 yuan/ton from the previous day; the price of No. 0 diesel is 682 yuan per ton, up 48 yuan/ton from the previous day. The average prices of gasoline and diesel snacks are 507 yuan and 058 yuan per ton respectively.
According to sources, US officials visited India last month and discussed the issue of conditional immunity. Since Iran is India’s third-largest crude oil supplier, India has stated that it cannot completely cut off the import of Iranian crude oil, so it has tried to seek exemption from the United States. It is reported that India will reduce Iran's crude oil imports by 50% in exchange for the exemption from the United States. The United States can respond to this as early as next month. After persuading allies Japan and South Korea to impose sanctions on Iran, the United States found it difficult to let some European countries also impose sanctions on Iran. The boycott of these countries has caused the United States to gradually consider exemptions to individual countries, because it believes that even a drastic cut in crude oil exports will cause serious damage to Iran’s economy.