Since more than 80% of Canada's oil is exported to theBest crude oil trading system United States, the export market for Canadian oil alone has no advantage in the United States, but has been kept under pressure by the United States. Canadian oil sold to the United States can only get the price of cabbage. Moreover, after the United States imported Canadian oil at a low price, it was refined and then sold to Canada at twice the price. Canada lost more than a little bit.
French President Macron said during his visit to the United States on April 25 that he expects US President Trump to restart sanctions on Iran. Iran is an important member of the Organization of Petroleum Exporting Countries and has a key influence on the supply of crude oil in the Middle East.
More data shows that the total number of active oil and gas drilling in the United States increased to 046 in the week ending May. In addition, Baker Hughes stated in the report that the number of active natural gas wells in the United States increased to 200 during the week.
Al-Rashidi said that OPEC and other non-OPEC oil-producing countries, including Russia, will discuss whether to extend the oil production reduction agreement to 209 in Vienna two months later. Kuwait is one of six countries responsible for overseeing compliance with the reduction agreement that entered into force in 207.
However, on the 27th of last month, Iranian Foreign Minister Zarif revealed after meeting with Indian Foreign Minister Swaraj that India has always had a clear intention to continue importing Iranian oil and maintaining economic cooperation with Iran. On the 4th of this month, India made it clear that it will not stop imports. On October 4th, Indian Parliament Member and Congress Party member Tarul stated that despite the
Analysts said tBest crude oil trading systemhat even so, before the worst happens, the two sides still have a window of at least 6 months, which will create opportunities for reaching a new nuclear agreement. Edward Morse, Global Head of Commodity Research, Citi
Russia finally released a signal that it might cooperate with the production cut. Combined with Ecuador and many other countries' support for the production cut, the crude oil bulls regained some confidence. Considering that the current oil price has fallen to a low level, analysts pointed out that the return of buying is expected to bring strong support to oil prices.
The U.S. Energy Information Administration’s EIA report released on Wednesday June shows that as of the week of June 8, U.S. crude oil inventories decreased by 40,000 barrels to 2.4 billion barrels, a market estimate of a decrease of 2.74 million barrels. More data show that Cushing, Oklahoma's crude oil inventories fell by 670,000 barrels last week, recording a decline for 4 consecutive weeks. US refined oil inventories fell by 20,000 barrels, and the market is estimated to increase by 200,000 barrels. U.S. gasoline inventories fell by 220,000 barrels, and then recorded a decline after consecutive weeks of growth. The market estimates an increase of 40,000 barrels.