Saudi Arabia’s OPEC President Adab pointed out last Thursday that Saudi Arabia expects crude oil exports to decrease by about 0 million barrels in August because it will limit oil overproduction. He added that fears that the oil cartel and its allies may ovU.S. proven reserves of crude oil and natural gasersupply the market and increase output are unfounded.
However, at present, Iran is supported by the European Union and Russia. Iran’s crude oil exports will not be affected in a short time. At the same time, most of Iran’s crude oil is shipped to Asia, especially, and the increasing demand for crude oil is well met. As a result of Iran’s crude oil exports, it is difficult to have a substantial impact on Iran in the short term.
According to the latest OPEC data, the crude oil inventories of developed countries represented by the Organization for Economic Cooperation and Development have fallen below the 5-year average, which indicates that the current global crude oil market has rebalanced and promoted international oil prices.
After correcting to the support level of US$704 per barrel, Brent crude oil futures may retest the resistance level of US$746 per barrel. The above-mentioned resistance and support levels are the 2% and 68% forecast levels of the downward wave C starting at $775, respectively.
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.
Although Iran and Venezuela have reduced production due U.S. proven reserves of crude oil and natural gasto various force majeure factors, the total OPEC crude oil production increased to 260,000 barrels in August. At the same time, in the context of the increase in shale oil production in the United States, non-OPEC oil production was compared with the same period in 207 It also rose sharply by 2.6 million barrels per day, an increase far exceeding expectations.
Dayue Futures analysts maintain a neutral view. Fundamentally, Saudi Arabia has begun to increase production. Under the peak demand season, inventories are running at a low level but no destocking phenomenon continues. The upside of crude oil is restrained by fundamentals. On the disk, the 20-day moving average is flat. The price is below the moving average.