Oil said in its earnings report on Tuesday that OPEC's recent developments will determine Russia's crude oil production in the second half of this year. But the company cannot control how OPEC will develop and whether the organization can make strong decisions. Because Saudi Arabia and Iran have always been hostile relations, while Russia has always been closer to Saudi Arabia. Iran has also accused Saudi Arabia and Russia of excessively increasing production for disrupting the oil market and violating production reduction agreements. There is even news that Saudi Arabia and Russia are considering reorganizing an organization that can replace OPEC. Some experts pointed out that the oil market has entered a post-OPEC era dominaU.S. crude oil off the target listted by Saudi Arabia and Russia, OPEC has less and less right to speak, and even the US's position in the oil market is much higher than OPEC.
Summary: On Wednesday, July, the U.S. Energy Agency EIA released data showing that last week, U.S. crude oil inventories will be the lowest in three and a half years, and crude oil production remains unchanged. On the other hand, OPEC predicted on Wednesday that demand will increase by 450,000 barrels per day next year, and global demand will exceed 100 million barrels per day for the first time.
On the evening of Monday, June, a large amount of funds entered the market, triggering short-term rises in the U.S. and Burundi oil, both reversed the intraday decline and turned to rise. U.S. oil's current rise is 0.2%, and Bursa oil's rise is 0.2%. According to data, NYMEX's most active WTI crude oil main futures contract had a trading volume of 2,640 lots within one minute at 22:02 Beijing time, with a total value of more than 800 million US dollars.
Regarding the current crude oil market structure, although the increase in inventory makes the dream of rising oil prices must be postponed again, in fact, looking at the weekly crude oil market in the past, we can find that the results of weekly API and EIA inventory can only bring short fluctuations. Quotes. On the other hand, the market does not need to worry too much about whether oil prices will fall further in the future.
In early July, Russian crude oil production has increased from 060,000 barrels/day in June to 10,000 barrels/day, an increase of 10,000 barrels/day. Russian Minister of Energy Alexander Lunovak Alexander
The spot crude oil price fluctuated at a high level around US$67, and the geopolitiU.S. crude oil off the target listcal risk of crude oil betting capitalism in the Middle East has further increased. At present, the crude oil market is fighting long and short, and investors should not chase the rise and fall to avoid the risk of liquidation.
Melek said: We believe that as the sanctions on Iran come into effect, the global idle capacity will reach a critical point. Countries like South Korea stop using crude oil from the Islamic Republic, Saudi Arabia will try to fill this gap, and we will see a reduction in production capacity in the global crude oil supply chain.
McLean published an article that the foundation of the US energy boom is not solid because of excessive debt and failure to show profitability after 0 years of drilling. The problem with her argument is that the debt of the US oil industry is not large enough to destroy the global financial system. From 205 to 206, the US oil industry suffered huge losses and a wave of bankruptcies, but it did not threaten the stability of the global financial market. If the worst of the accident happens, the US government will intervene, just like it intervened in the US auto industry in 2009.
Prior to this, France Total, for fear of being sanctioned by the United States, lost US$90 million and directly withdrew from its investment in the South Pars oil and gas field, Iran’s largest natural gas project. As the second largest shareholder, PetroChina has successfully become the largest shareholder of the project and has the right to exploit the oil and gas field. Iranian officials announced last month that PetroChina has officially become the largest investor in the South Pars oil and gas field and has the right to operate the oil and gas field.