Zhou Iranian officials held talks in Vienna with diplomats from France, Germany, Russia and the United Kingdom on the fate of the joint comprehensive plan of action. The official said that Europe needs to propose a series of economic safeguards by June to prevent the crisis from further escalation caused by the United States withdGraph crude oil trendrawing from the Iran nuclear agreement.
According to the Wall Street Journal, US President Trump met with Russian President Putin in Helsinki, Finland. The analysis believes that after the meeting, the two parties may mention in the statement Russia's willingness to further increase production to fill the supply gap in the oil market. U.S. Capital
The international oil price was approaching the 50 US dollar mark overnight, and the current WTI oil price is reported at 46 US dollars per barrel. However, the author expects that oil prices will once again start a charge towards US$50 on the 8th. According to sources, OPEC oil-producing country Saudi Arabia plans to reduce its oil exports by 0% in order to maintain fiscal balance and bring international oil prices back to US$80/ barrel.
Algeria-According to Bloomberg News, Algeria’s Energy Minister Butolafa said that next week, OPEC may upgrade the informal meeting to a formal meeting, and discuss working with other oil-producing countries to reduce crude oil supply by 0 million barrels per day to make crude oil The market rebalances and stabilizes oil prices. Since the sharp rise in August, oil prices have been fluctuating recently. The market expects that OPEC and Russia will reach a strategic agreement in Algeria to support oil prices in an oversupply environment. Butolafa said that the four OPEC members produce more than 0 million barrels of oil a day, and if no action is taken, the inventory will increase further.
On Monday, June, the price of crude oil futures fell, due to the increase in Russian oil production, and the US oil drilling activity rose to the highest level in more than three years, which also dragged down the oil market. Russia’s oil production has increased to 0 million barrels per day in early June, which is higher than the target production set in the production reduction agreement. The current production in the United States has reached a record high of 0.8 million barrels per day.
With the realization of the goal of eliminatingGraph crude oil trend excess crude oil inventories, some Russian crude oil companies hope that the production ceiling will be increased. Russian President Vladimir Putin said that the production reduction agreement was obviously very successful. The global oil market is now in a state of equilibrium, and Russia will not stay within this framework forever.
U.S. API crude oil inventories increased by 9.88 million barrels to 8.4 billion barrels for the week ending on October 9th, an expected increase of 550,000 barrels; Cushing crude oil inventories increased by 90,000 barrels; gasoline inventories decreased by 2.85 million barrels; refined oil inventories decreased by 250,000 barrels ; US crude oil imports increased by 940,000 barrels per day to 8 million barrels per day last week.
US oil prices fell slightly on Thursday, and Brent crude oil futures tumbled more than 2%. At 02:0 Beijing time on June 22, NYMEX August crude oil futures fell 0.7 US dollars, or 0.%, to close at 654 US dollars per barrel. Brent August crude oil futures fell 69 US dollars, or %, to close at 705 US dollars per barrel.
US State Department officials said earlier that the United States is asking all partner countries, not only India, to stop buying Iranian crude oil. Under pressure from the United States, according to sources quoted by Reuters, India’s August oil imports from Iran have fallen by 2% from July to 50,000 barrels per day. As the tensions between the United States and Iran further ferment, market concerns about tighter crude oil supplies will continue to heat up, which is expected to pave the way for oil prices.
However, the US’s warning was ignored, and the cooperation with Iran was increased. At present, companies account for about 50% of Iran’s oil. Nowadays, they have also built a railway channel from the inland to Tehran, the capital of Iran. Part of the energy transportation can be realized without worrying about the US maritime blockade, which guarantees Iran’s access to oil supply.