Crude oil market price

Crude oil market price

During this week, the crude oil market was affected by geopolitical tensions, coupled with the fact that the supply and demand news has shown greater positives, oil prices are basically in a strong upward channel, driving the rate of change of crude oil to continue to rise. This round of oil price increases is a certainCrude oil market pricety, or refreshed for 208 years. The biggest increase since.

To put it simply, it is unlikely that oil prices will return to $50 next week. Oil prices lack the necessary conditions for rising—supply exceeds demand, and prices are determined by demand. In the context of sluggish global economic markets and weak demand, major oil-producing countries continue to increase production and increase oversupply. As far as the current situation is concerned, crude oil prices still have room to fall.

However, it is a pity that the British Columbia government basically cannot be the master on this issue. According to the precedent of the Canadian Court, all resource development activities involving indigenous territories must obtain the consent of the indigenous tribes. The Trans-Mountain Oil Pipeline Project needs to pass through countless aboriginal territories. Only with their approval can it be possible to start.

According to earlier reports, the United States has quietly pressured OPEC to increase its crude oil production by 0 million barrels per day to ensure a stable supply of crude oil and offset the decline in supply in some parts of the world-but then the UAE oil chief denied it. This statement. According to OPEC's estimates, Russia, Saudi Arabia, and other countries in the Arabian Peninsula will need to increase production by 850,000 barrels per day in the next six months to fill the declining output of Iran and Venezuela and prevent further expansion of the crude oil market supply gap in the second half of the year.

If it is implemented as planned to allow Iranian crude oil to be exported to zero, then it will be opposed by countries all over the world and Iran will threaten to block the Strait of Hormuz; if sanctions are abandoned, the United States will lose face and there will be no talk in the future. The country is willing to listen. Therefore, the United States can only choose a compromise. It not only implements sanctions, but also issues exemptions, so that the voice of opposition is reduced and the sanctions continue.

Today's crude oil market will usher in heavy data or events. Oil prices staged a bullish and bearish offensive and defensive battle at Crude oil market price$70. Analysts believe that if the 70 mark fails to stabilize, crude oil prices may face a bear market crisis in the future, and the opposite is true.

OPEC's latest monthly report shows that OPEC crude oil production in May increased by 540,000 barrels per day to 890,000 barrels per day. According to second-hand sources, Saudi Arabia’s May crude oil production increased by 10,000 barrels/day to 0 million barrels/day; Iraq’s May crude oil production increased by 770,000 barrels/day to 4.45 million barrels/day; at the same time, Iran’s May crude oil production increased by 0.56. 10,000 barrels/day to 890,000 barrels/day. At the same time, data reported by Venezuela showed that May output has increased since a long-term low, with a month-on-month increase of 80,000 barrels/day to 50,000 barrels/day.

The rumors of OPEC's freezing of production are no longer prestigious, oil-producing countries vowed to increase production, and the unexpected rise in US crude oil inventories have all given the head of oil prices; Iraqi Oil Minister JabarAlial-Luaibi said on Saturday August 27 that Iraq is willing to be in oil exporting countries. Organize OPEC to play an active role in supporting oil prices, but will not sacrifice its goal of expanding market share. He emphasized that soliciting will continue to expand crude oil production.

On the other hand, Iran in the Middle East encountered the crisis of the US unilateral withdrawal agreement. The US threatened to impose the most severe economic sanctions on it. Although the European Union continued to purchase Iranian oil in euros and was free from sanctions for European companies, The largest buyers of Iranian oil, some Asian countries, such as India, are bound to reduce their dependence on oil imports due to concerns about the US imposing oil tariffs and pricing methods.