The hottest Saudi Arabia reduces crude oil exports

2022-08-08
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Saudi Arabia reduces crude oil exports, US crude oil futures rose intraday

Saudi Arabia reduces crude oil exports, US crude oil futures rose intraday

July 20, 2018

[China paint information] recently, affected by various rumors, the international oil market fluctuated, and crude oil futures in Europe and the United States fluctuated significantly on Thursday. U.S. crude oil inventories increased and production hit a record high, and international oil prices rose in electronic trading in Asia. However, Saudi Arabia later said that crude oil exports were reduced in August, and crude oil futures in Europe and the United States rebounded significantly. At the close, WTI narrowed its gains and Brent crude oil futures closed lower due to the strong impact of the US dollar

on Thursday (July 19), the settlement price of WTI crude oil futures in August was $69.46 a barrel, up $0.70 or 1.0% from the previous trading day, with a trading range of 67 17 dollars; The settlement price of Brent crude oil futures in September was $72.58 per barrel, down $0.32 or 0.4% from the previous trading day, with a trading range of 71 79 dollars. China crude oil sc1809 rose 2.9 to 484.1 yuan/barrel; At night, it closed up 5.0 to 489.1 yuan/barrel, or 1.03%

Saudi Arabia, the world's largest oil exporter, said on Thursday that it had not oversupplied the market and that its oil exports remained stable in July. Adeebal AAMA, the director of Saudi Arabia to OPEC, said in a statement that the concern that Saudi Arabia and its allies are oversupply the market is groundless. He said that Saudi Arabia is committed to complying with the agreement reached by OPEC and its allies. Its crude oil exports in July will be roughly the same as those in June, while the average daily crude oil exports in August will fall by about 100000 barrels

analysts believe that the words of the Saudi director to OPEC are aimed at Iran's request that individual OPEC member states fulfill their respective oil production quotas and do not help the United States to impose sanctions on Iran. On June, 15 OPEC member states reached an agreement to achieve a 100% production limit for the production reduction agreement to be implemented from January 2017. Subsequently, some non OPEC oil producing countries participated in the discussion and approved the OPEC LED production reduction agreement. However, if the production reduction agreement is 100% fulfilled, there is no clear concept. Saudi Arabia believes that the overall production will be increased to the production ceiling, while Iran believes that all Member States comply with their respective production ceilings

the international energy agency believes that due to the increase of crude oil production in Saudi Arabia and Russia, according to the Vienna agreement, OPEC and non OPEC participating in the production reduction will maintain the implementation rate of the production reduction agreement at 100%. 6 if the all vanadium flow battery technology can be fully commercialized in the energy storage market, the global average daily oil supply will increase by 370000 barrels in the month. In June, OPEC's daily crude oil production increased to a four month high of 31.87 million barrels, and the increase in Saudi Arabia's daily crude oil production offset the decline in Angola, Libya and Venezuela

recent data show that the growth of oil demand has slowed down due to the rise in oil prices. The International Energy Agency predicts that the average daily oil demand in the first half of this year will increase by 1.5 million barrels over the same period last year; The average daily demand in the second half of the year is expected to increase by 1.3 million barrels over the same period last year. It is estimated that the global average daily oil demand in the first half of 2019 will increase by 1.2 million barrels compared with the first half of 2018. When the growth accelerates in the second half of 2019, the average daily oil demand is expected to increase by 1.6 million barrels compared with the second half of 2018. The international energy information agency predicts that the global average daily demand growth in 2018 and 2019 is 1.4 million barrels year-on-year. It is expected that the average daily supply of non OPEC will increase by 2million barrels in 2018 and 1.8 million barrels in 2019. It is mainly due to the increase of daily crude oil production in the United States, but it is also accompanied by the temporary interruption of crude oil supply in Canada, Brazil, Kazakhstan and the North Sea

the international energy agency believes that the OECD inventory in May was 2.84 billion barrels, an increase of 13.9 million barrels. This is the third monthly increase in OECD inventories since July 2017. However, the increased inventory is only half of the normal increase. By the end of May, OECD inventories were 23million barrels lower than the five-year average. Preliminary data showed that OECD inventories fell in June. It is estimated that from the second quarter of 2018 to the third quarter of 2018, the average daily crude oil processing volume of global refineries increased by 2million barrels, of which the increase of crude oil processing volume of refineries in the Atlantic basin accounted for more than half. It is estimated that the average daily crude oil processing volume of the world will reach 82.8 million barrels, a ratio of 2, resulting in an instant drop in the actual load. In the fourth quarter of 2017, it hit a record high level, further increased by 700000 barrels, which led to a significant decline in crude oil inventories, The daily inventory reduction is more than 1.4 million barrels. At the same time, the daily average inventory of refined oil will increase by 600000 barrels seasonally

John Kilduff, partner of gaincapitalmanagement, a consulting firm in New York, said that crude oil prices fell from their early intraday highs due to profit taking by traders. As Saudi Arabia, Russia and other major producing countries continue to increase production, the market focus has returned to worrying about potential oversupply, but the news of the decline in Saudi Arabia's planned exports has boosted the market atmosphere. He believed that only Saudi Arabia tried to ease the market atmosphere, but it did not change the fact that they were increasing crude oil production

the late decline of crude oil futures in Europe and the United States is also related to the strength of the US dollar. Before the closing of European and American crude oil futures, which was the first import growth in the second half of the year, the US dollar index rose to the highest level since July 2017, up 0.5% from Wednesday. But then US President trump expressed dissatisfaction with the strengthening of the US dollar caused by the interest rate hike, and expressed the hope that the Federal Reserve would stop raising interest rates, and the US dollar closed down

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