EIA predicts that the average price of WTI crude oil in 208 will be US$5 lower than Brent crude oAdal crude oil analysisil, and the US gasoline price will be closer to the pricing benchmark of Brent crude oil. At the end of April 208, the spot price of Brent crude oil reached 76 US dollars per barrel, setting a high for more than four years.
It is unclear how much the US sanctions will hit Iran’s oil industry. Much depends on how other major oil-consuming countries respond to Washington’s actions against Iran, which will take effect this month.
In general, the editor of China Oil.com believes that the market is likely to have a tight supply of crude oil, and it is only a matter of time before the international oil price rises to $80. The next round of domestic refined oil price adjustments will also be affected by this with a high probability of rising.
Analysts said that the oversupply of oil that began in 204 has ended due to supply disruptions and strong oil demand. This is mainly driven by production reduction agreements and oil supply risks in some oil-producing countries. The oil supply in the Middle East, Venezuela and Africa faces political risks. OPEC took the lead in cutting production since 207, aiming to boost the oil market.
I'Anson said that this is especially true of Ekofisk crude oil, a light, sweet crude oil that, according to Reuters data, accounts for about one-fifth of all the oil currently stored on ships in the area.
Due to weak demand, the appreciation of the U.S. dollar and the surge in U.S. shale oil production, oil prices fell sharply from a high of nearly $20 per barrel in June 204. OPEC's unwillingness to cut production was also regarded as one of the main reasons for the sharp drop in oil prices at that time. But at the end of 206, OPEC joined hands with other major oil-producing coAdal crude oil analysisuntries to start cutting production.
Located between the Persian Gulf and the Gulf of Oman, the Strait of Hormuz is almost the only maritime oil pipeline for oil-producing countries including Kuwait, Bahrain, Iran, Iraq and the United Arab Emirates. The amount of crude oil transported by these five major oil-producing countries through the Strait of Hormuz is increasing day by day, but the narrowest point here is only 4 kilometers, so it is of extraordinary strategic significance. From the perspective of global crude oil transportation, one third of sea oil transportation passes through the Strait of Hormuz. In addition to crude oil, for Qatar, a major natural gas exporter, the Strait of Hormuz is an export channel for almost all of its LNG.