In recent days on May 5, under the support of vCrude oil contract specification margin NYMEXarious news, the price of Brent crude oil seemed unstoppable. In less than a day after breaking through the $78 mark in the US market overnight, it captured another $79. The key mark is close to the $80 mark.
Recently, Goldman Sachs said that oil producers have accelerated the hedging of the risks of 209 production, with an average price of about $60 per barrel. Although hedging limits the profit margin, it can provide protection when prices fluctuate.
The Iranian side threatened to block the Strait of Hormuz to cut off oil transportation in the Middle East if Iranian oil exports were blocked by the United States. In addition, just before the United States restarted some sanctions against Iran, on August 5 local time, the Iranian military confirmed that it had conducted military exercises in the waters of the Strait of Hormuz in the Persian Gulf.
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In recent months, the scale of Russian crude oil exports to Europe has decreased significantly. In contrast, Russia's crude oil delivery has soared, and the export volume at the beginning of the year even doubled from the same period last year. Bloomberg pointed out that it is surpassing Europe to become the number one buyer of Russian crude oil in the international market.
The Ahab oil field, located in Kut Town, Wasit Province, Iraq, was the first foreign oCrude oil contract specification margin NYMEXil cooperation project after the war in Iraq. Statistics show that as of the end of 207, the total oil produced in the Ahab oil field was 42.55 million tons. This cooperation project is also known as a bridge of friendship.
Saudi Arabia and Russia hinted that they will intend to restore some of the reduced production capacity, which is part of the agreement reached by OPEC and its allies in the month. However, potential opposition from other oil-producing countries may complicate the situation at the June Vienna meeting.