The source said that ministers are considering increasing the supply of 0 million barrels per day tWest Texas Intermediate Crude Oil Spot Priceo cool the market. According to news organizations, Falih is particularly concerned about the impact of oil prices above US$80/barrel on consumer countries such as India and India.
On Monday, crude oil prices fell to nearly 67 US dollars, but as the Iranian nuclear issue may usher in an outbreak in May, causing market concerns, crude oil prices rebounded sharply and hit 69 US dollars. On Tuesday morning, it broke through 69 US dollars. After the European market, the market's gains have been significantly weakened, and the current oil price has returned to below 69 US dollars.
Said to the media: It is really shocking to see Washington asking Saudi Arabia to increase production to fill the shortage of crude oil caused by its illegal sanctions on Iran and Venezuela. He said OPEC should not simply obey Washington's demands.
On August 2, the U.S. government announced that it would impose additional import tariffs on imported goods of US$200 billion, from 0% to 25%. Sino-US trade relations have further intensified. The consequence of the intensified relationship is to reduce imports of US crude oil. Sinopec has reduced its oil purchases in the United States. The main reason is that West Texas Intermediate’s discount to international oil prices has narrowed. This is largely related to Sino-US trade tariffs.
Urals transaction prices fell to their lowest level in four years. The decrease in Russian crude oil transportation has also put the tanker market further into trouble. These tanker markets have previously been embarrassed by the oversupply of tankers and OPEC production cuts.
Goldman Sachs’ latest report predicts that OPEC’s core member countries and Russia will increase production by 0 million barrels per day in the second half of 208, but due to the reduction in output of other countries participating in the production reduction agreement, the output will only be compared to the second quarter of 208. An increase of 450,000 barrelWest Texas Intermediate Crude Oil Spot Prices.
First, there are rumors that OPEC will increase production; Saudi Arabia and other OPEC countries and non-OPEC countries held an informal meeting of oil ministers last Saturday. As the meeting did not release additional information, some investors who had previously held a wait-and-see attitude re-entered to short crude oil.