The above difficulties have caused the crude oil price of Midland, Texas, to be discounted by US$9/barrel compared to the international benchmark Brent crude oil. However, there is always a way to increase pipeline capacity. Russian crude oil contractManufacturers have already worked hard in this regard, although progress is relatively slow.
OPEC originally signed the agreement to reduce production in order to cope with the oversupply of crude oil in the market. However, OPEC and the production reduction alliance including Russia believes that the crude oil market was rebalanced in April, because that month reached a key to eliminating the oversupply of global oil. index. Peng
It is not surprising that oil stocks were affected by the decline in international oil prices. However, it should be noted at this moment that the U.S. shale oil production is still on the rise, while Russia is trying to compete viciously with the U.S., the oversupply problem in the oil market may further aggravate, and the OPEC production reduction plan extended earlier has been useless, and international oil prices may Face the risk of falling to $40.
Zhou Carnarvon confirmed the expected reserves of newly discovered petroleum resources. Under the best estimate plan, Dorado contains 700 million barrels of crude oil, 6 million barrels of condensate, and 552 billion cubic feet of natural gas; under the high estimate plan, the overall reserve is up to 5.6 billion barrels.
Why does the author say that oil prices will be the final say in the United States? From the above point of view, OPEC's two major oil-producing countries have fallen into the clutches of the United States. Iran's energy sanctions have restricted oil exports and have limited impact on international oil prices. It is self-evident that Iraq needs the consent of the United States to seek exemptions from Iran sanctions.
According to Reuters, Iran is seeking OPEC’s support oRussian crude oil contractn the issue of opposing US sanctions against Iran, and hinted that it does not agree with Saudi Arabia’s view that it may need to increase global oil supplies, which may cause difficulties for OPEC’s meeting next month.
Iran has the world’s fourth-largest oil reserves and is the third-largest oil producer among OPEC members after Saudi Arabia and Iraq. Trump wants to zero Iranian oil exports, making Iran’s crude oil production and exports drop simultaneously. Coupled with the decline in Venezuelan crude oil production, there is a supply gap in the oil market.
The API and EIA inventory data for the week ending May 4 released by the United States on Wednesday provides strong evidence that the inventory of crude oil, gasoline and refined oil has unexpectedly decreased, and both of them have recorded negative values significantly compared to previous values. The decline was also less than expected.