Although Saudi Arabia is not the country whose economy is mosDaily crude oil pricet dependent on crude oil exports among OPEC's five major oil producers, according to Bloomberg's calculations, even when the current oil prices are higher than market expectations, Saudi Arabia will still have a huge budget deficit this year. Bloomberg's research shows that among OPEC's five major oil-producing countries, Saudi Arabia's fiscal deficit rate still tops the list.
OPEC held a ministerial meeting in Vienna last Friday and showed optimism about reaching the first agreement to increase production. The OPEC communiqué shows that the conditions of the crude oil market have improved; member states will work to restore the implementation rate of 00% production reduction; the oil production reduction supervision committee JMMC will monitor the implementation rate target; new indicators are needed to measure the market, and the next meeting will be on February Held.
Recently, the situation in the Middle East has returned to the eyes of investors again, not because of the war in Syria, but the day when the issue of the Iran nuclear agreement is finally about to be resolved. It is reported that Trump will give an opinion on the Iranian nuclear agreement on May 2. The final result, whether to tear it up or keep it depends on Trump's final decision. The market view was that Trump will inevitably tear up Obama's political legacy.
According to data released by Baker Hughes on May 4, as of the week of May 4, the number of active oil wells in the United States increased by 9 to 84, recording growth for five consecutive weeks, and hitting a new monthly high in 205 years. More data shows that the total number of active oil and gas wells in the United States increased to 02 in the week ending May 4. The U.S. Energy Information Administration EIA expects that crude oil production in the Permian Basin in May will increase to a record high of nearly 200,000 barrels per day, accounting for about 30% of total production.
This has multiple meanings. The legendary Chinese richest man, Li Ka-shing, started from scratch, and always summed up the way to success in sixteen words: good plan, step-by-step management, fast speed, no action. These four sentences are very practical for investment transactions.
Petroleum experts warned that after Venezuela’s presidential election, the United States may immediately impose sanctions on its oil industry. The global energy market has prepared for further surges in oil prices. Venezuela’s oil export difficulties intensified before the country’s presidential election. Venezuela will hold its presidential election ahead of schedule on May 20 this Sunday. The current President Maduro is ready to continue his secDaily crude oil priceond term, despite the country’s unprecedented economic and social crisis.
In addition, the US oil service Baker Hughes data released last weekend showed that the number of oil rigs in the United States increased by 7 in the week of February 8 to 854. In other words, shale oil production capacity in the United States has not declined and remains at a high level.