It is hard to imagine that Saudi Arabia will assure Iran that its market share will not be affected by filling the supply gap caused by the reduction in Iran’s exports due to US sanctions. It is also hard to imagine Iran will take this one pass, and then leave it alone. STo lift or not to lift? The US crude oil export ban: its impact on prices and energy security.o will OPEC survive this dispute? I can only say maybe. midsummer
The spread between Bursa oil and U.S. oil futures may therefore widen. Bursa oil is expected to continue to strengthen, while U.S. oil may be relatively weak. In fact, U.S. oil discounts seem to have begun to appear. In April of this year, the WTI oil price in the Midland Basin of the Permian region was discounted by an average of nearly US$6 per barrel compared to the price of Cushing WTI. In this month, Midland once exceeded the US dollar.
According to data released by Hughes on Friday, April 27, as of the week of April 27, the number of active oil wells in the United States increased by 5 to 825, which recorded an increase for four consecutive weeks and continued to hit a new monthly high in 205 years. Since April, the number of active oil wells in the United States has increased by 28, while the number has decreased by 2 in the month, and has increased by 78 so far this year. More data shows that the total number of active oil and gas wells in the United States increased by 8 to 02 in the week ending April 20.
The military conflict between Saudi Arabia and the Houthis has lasted for three years. In September 204, the Yemeni Houthis seized the capital of Sana'a, and then occupied the southern part of the country, forcing Yemeni President Hadi to seek refuge in Saudi Arabia. In 205, Saudi Arabia and other countries launched a military operation codenamed Decisive Storm to attack the Houthis.
US WTI crude oil June futures closed up 0.24 US dollars, or 0.5%, on Monday April 2 at US$664/barrel. June Brent crude oil futures closed up 0.65 US dollars, or 0.88%, to 77 US dollars per barrel on Monday. The U.S. WTI crude oil futures price hit a high of $60/barrel, and the price of Brent crude oil futures hit a high of $70/barrel.
Reuters quoted an OPEC source who was aware of Iran’s position as saying that at present, OPEC’s implementation rate of pTo lift or not to lift? The US crude oil export ban: its impact on prices and energy security.roduction cuts exceeds 00%, and the organization may return to 00% to comply with the agreement. Saudi Arabia is still trying to persuade other member states to agree to a more substantial increase in production. Iraq and Venezuela have previously expressed their opposition to relaxing production cuts, worrying that oil prices will fall.
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.