Summary: On August 9, Iran stated to OPEC that no member country should be allowed to take over another member country’s shaPhysical crude oil tradingre of oil exports. With the resumption of sanctions by the United States, Iran expressed concern about Saudi Arabia's provision of more oil production.
Spot crude oil has experienced a continuous downturn at the bottom, waiting for OPEC and other oil-producing countries to introduce stability maintenance policies. At present, the situation is still not optimistic, but the downside is limited. Crude oil now falls starting from the rebound of 49 last Wednesday. Crude oil ushered in a significant rebound after the 42nd session.
Co. analysts said in July that investors’ pursuit of higher returns has prompted oil producers to cut long-term projects in underdeveloped areas, creating conditions for a rapid rise in crude oil prices. According to the second-quarter financial report, in 207, global and US domestic crude oil inventories were much higher than average. However, the inventory level in 208 is closer to the five-year average and is expected to fall further. In addition, the IEA stated that global crude oil demand will increase from 400,000 barrels per day this year to 500,000 barrels per day in 209. But the risk of stabilizing supply later this year may cause prices to rise, thereby affecting demand growth.
Saudi Arabia will quietly add additional oil to the market in the next few months to offset the decline in Iran's production, but it is worried that next year it may need to limit production to balance global supply and demand, because the United States will increase crude oil production.
However, this does not necessarily mean that the Saudi and Russian proposals are still dead. OPEC member states often make strong statements before the meeting, but they can often compromise at the Vienna meeting. Because no member states would want to promote the power they have as a member of OPEC.
During the week from 9th to 2nd, Brent crude oil fell by 58%, and WTI crude oil fell by nearly %. According to such a drop in internationPhysical crude oil tradingal oil prices, oil prices will fall for the seventh consecutive week on Sunday.
Although the minister emphasized that the recovery of oil supply will be a gradual process, he said that it will only start in the second half of the year. However, the market generally believes that the possibility of policy adjustment at the Vienna meeting in June is extremely high. Considering that Saudi Arabia’s current idle capacity of 2 million barrels per day can completely cover the current shortage of oil inventories, its capacity recovery rate is also a member state. The fastest of all.
Affected by this, the rate of change in crude oil continues to extend in the negative range. In addition, due to the depreciation of the renminbi, the rate of change in crude oil deviates from the range of domestic gasoline and diesel price adjustments. It is expected that this round of refined oil prices will rise slightly. According to estimates, as of the fifth working day of August, the average price of reference crude oil was US$729/barrel, with a rate of change of -0.89%, corresponding to an increase of 5 yuan/ton in gasoline and diesel prices.