Generally speHandbook of International Crude Oil Market.aking, professionals in the crude oil industry believe that Saudi Arabia and Russia will gradually increase crude oil production within two to months. During this period, OPEC's idle capacity of 400,000 barrels per day will be released. However, at the beginning of this phase, it is estimated that 2.2 million barrels per day will be put into use.
Since US President Trump announced his withdrawal from the Iran nuclear agreement on May 8, US crude oil prices have risen by about 4%. The market generally expects that Iran's crude oil exports will be greatly affected after the sanctions are restarted. Iran is an important crude oil producer in the Middle East and the third largest oil producer in OPEC, so it has a decisive influence on the global crude oil market.
Given that Trump will officially enter the White House in January, and populism has swept across Europe, the political risks of 207 will not be underestimated. A cautious investor may find peace in a strange place: the oil market. Spot crude oil may therefore become a safe-haven asset in 207. The production restriction agreement reached by OPEC and other oil-producing countries will not simply reduce the global crude oil surplus: if the participating countries fulfill their production reduction commitments, they will also increase the cushion of idle capacity, which can be destroyed when it is destroyed. Use it to fill the gap. If OPEC strictly abides by its commitments in June next year, the oil market and political risks should be relatively insulated, because the above cushions are available, industry consulting firm WoodMackenzie
After crude oil prices suffered a dark market in April, crude oil prices seemed to repeat this scene on the first trading day of May yesterday. Originally, crude oil prices soared above US$69 due to the influence of the Iranian nuclear turmoil on Monday. A wave of high corrections at the end of the day seemed to indicate a turning point in the market. Sure enough, in the Asian market on Tuesday, oil prices were not too volatile, but after entering the European and American markets, the crude oil market suddenly started a continuous decline pattern. On the one hand, the strong rise of the U.S. index yesterday broke through the 92 line, and then API The sharp increase in inventories made the bad oil prices worse. Crude oil prices fell below the 67 line, but the market rebounded slightly before the market closed, but the overall situation was still under strong pressure.
If it is mentioned in the speech that the recent stock market volatility has not weighed on the economy, the U.S. economy will continue to maintain rapid growth due to tax cuts boosting, which means that Fed officials believe that the current pace of interest rate hikes is still within the acceptable range of the market. Boosted the market’s expectations of four interest rate hikes during the year, which in turn strengthened the US dollar index.
Judaimi said: Our strategy is very simple. We hope to reach a refining cHandbook of International Crude Oil Market.apacity of 8 to 20 million barrels per day, and we will work hard to move forward and try to become a major leader in chemicals by 2040.
It is worth mentioning that Khamenei rejected the negotiations with Tehran that were proposed by US President Donald Trump last month without any preconditions. He said: We will not engage in any negotiations with the United States. The United States has never been loyal to its promises in the negotiations, just empty words.