The hottest Saudi Arabia believes that there is no

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Saudi Arabia believes there is no need to extend the deadline for production reduction. Oil prices in the holiday market first fell and then rose on Monday

Saudi Arabia believes there is no need to extend the deadline for production reduction. Oil prices in the holiday market first fell and then rose on Monday

January 17, 2017

[China paint information]

WTI crude oil futures for February rose $0.27, or 0.52%, to $52.64/barrel on Monday (January 16). The United States was closed for a day due to Martin Luther King Day, The market trading is relatively light. Brent crude oil futures for March rose $0.22, or 0.40%, to $55.67 a barrel on Monday. Earlier today, oil prices fell under pressure due to the rebound of the US dollar and the Saudi energy minister's speech that there was no need to extend the deadline for production reduction. However, due to the orderly production reduction of oil producing countries, the recent rising bull sentiment has brought effective support to oil prices. The price of WTI crude oil futures in the United States peaked at $52.72 per barrel, while the price of Brent crude oil futures peaked at $56.28 per barrel

fundamentals positive factors:

Baker Hughes, the US oil service company, released data on Friday (January 13) showing that as of January 13, 2017, the number of active oil wells in the US decreased by 7 to 522 in the week, the first decline in 12 weeks, and the second decrease in seven months. The total number of active oil and gas drilling in the United States decreased by 6 to 659, an increase of 9 over the same period last year

Saudi Arabia's energy minister Khalid al Falih said on Thursday (January 12) that Saudi Arabia's crude oil production had fallen below the 10million barrels per day mark, hitting the lowest level in nearly two years, which exceeded the previous production reduction agreement reached between OPEC and non OPEC oil producing countries. Although the current level is "not significantly lower than" 10million barrels per day, it is planned to further expand the production reduction in February. In addition, Kuwait's oil minister Essam al Marzouq said on Thursday that Kuwait has cut crude oil exports from North American and European customers by more than 133000 barrels per day, but will ensure full supply from Asian customers. The current reduction in production in Kuwait has exceeded the level promised in the global oil producing countries' production reduction agreement

from January 1 to 15, Russia's average daily crude oil production was 11.1 million barrels, a decrease of 100000 barrels/day compared with the level in December, indicating that Russia has begun to fulfill its production reduction commitment. Alexander Novak, Russian energy minister, recently said that Russia plans to reduce crude oil production to 10.947 million barrels per day. He added that the country plans to reduce production by 200000 barrels per day in the first quarter, and then further expand the scale of production reduction to 300000 barrels per day<3. The impact of the results disposal software/p>

some traders said that China's auto sales hit a record high, 4 The preparation technology of oral materials supports Brent crude oil. In 2016, China's auto sales increased by 13.7% over the previous year to 28million vehicles. Meanwhile, China National Petroleum Corporation (CNPC) said on Thursday that China's net oil imports in 2017 will increase by 5.3% to 396 million tons (about 8million barrels/day), and the total demand for crude oil this year will reach a record 594 million tons (12million barrels/day). This reflects the growth of China's energy consumption

Reuters survey showed that OPEC crude oil production decreased to 34.2 million barrels per day in December from 34.4 million barrels per day in November, mainly due to the decline in production in Nigeria and Saudi Arabia. However, it is still 1.7 million barrels per day higher than the production limit target of 32.5 million barrels per day, of which the crude oil production of Libya, Iran and Iraq increased in December

fundamental negative factors:

Saudi energy minister Saleh said on Monday that the production reduction agreement reached between the organization of the Petroleum Exporting Countries (OPEC) and non OPEC oil producing countries is unlikely to be extended after the expiration of six months, given the level of implementation of the agreement and the return of market balance. "Given the compliance level of the implementation of the agreement and the expectation of demand, we don't think it is necessary," he said. "My expectation is that the rebalancing process that started slowly in 2016 will have a comprehensive impact on the first half of this year."

in the morning, the pound staged a "flash crash" again, which caught market participants unprepared. The market attributed the sharp fall of sterling to a report in foreign media last weekend that Prime Minister Theresa May would hint that Britain would choose the "hard brexit" route. The sharp fall of sterling provided a rebound boost for the US dollar, and the rebound of the US dollar limited the upward space of oil prices

according to the latest data released by the General Administration of Customs of China, exports in December 2016 denominated in US dollars fell by 6.1% year-on-year, with an expected decline of 3.5%; Meanwhile, imports in December increased by 3.1% year-on-year, with an estimated increase of 2.7%. Exports have always been the backbone of China's economy, with a year-on-year decline of 7.7% last year, the second consecutive year of decline, and also created the worst annual performance since 2009. Concerns about China's economic slowdown are heating up again, increasing the downward pressure on commodities

according to the latest data from the U.S. Energy Information Administration (EIA), as of the week of January 6, U.S. crude oil inventories increased by 4.097 million barrels to 483.1 million barrels, an increase of 0.9%, and the market is expected to increase by 1.162 million barrels. Last week, U.S. crude oil imports increased by 1.828 million barrels to 9.052 million barrels/day, and the weekly import volume increased to the highest level since 2012. U.S. refined oil inventories increased by 8.356 million barrels, the highest since October 2010, and the market is expected to increase by 899000 barrels. Gasoline inventories in the United States increased by 5.023 million barrels last week, and the market is expected to increase by 1.638 million barrels. In addition, U.S. domestic crude oil production increased by 176000 barrels to 8.946 million barrels per day last week, maintaining below the 9 million barrels per day level for the 40th consecutive week, but hitting the largest weekly increase since May 2015. However, at the US crude oil delivery site and then we will deposit a very thin ceramic layer, Cushing's inventory decreased by 579000 barrels, the largest decline since the week of October 21, 2016

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