The hottest Saudi Arabia promised to fully produce

2022-08-15
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Saudi Arabia promised to produce oil at full capacity, and the oil distribution fell both times.

Saudi Arabia promised to produce oil at full capacity, and the oil distribution fell both times.

October 26, 2018

Riyadh, Saudi Arabia on October 23 local time, Saudi Arabia's energy minister said that Saudi Arabia promised to solve any shortage of crude oil supply, and would spare no efforts to produce oil and ensure oil supply, so as to alleviate the spreading panic in the global oil market. Affected by this news, both PetroChina and oil distribution fell by more than 4%

Saudi Arabia stated its position to ensure oil supply, and the oil price fell

Saudi energy minister Khalid al Falih said that OPEC and its allies are fully engaged in oil production to meet the potential oil gap in the international market caused by Iran's sanctions

after the news that Saudi Arabia promised to increase oil production and export came out, US WTI crude oil fell to $66.04/barrel on Tuesday afternoon. Brent crude oil fell $3.7 a barrel, or 4.6%, to $76.44 a barrel, falling below the 50 day moving average for the first time since August. As of press time, USOC rose slightly to $66.29 per barrel, still at its lowest level since last week. Oil distribution continued to fall to $76.24/barrel

according to Bloomberg, crude oil in New York fell by more than 5% in trading on Tuesday. It has been predicted that more than 80% of cars will use plastics in the future, and the use of high-performance composites will become more popular in cars in the future. The S & P oil and gas exploration and production select industry index also fell by 4.9%. It is understood that compared with the four-year high set on October 3, the US oil and oil companies have fallen by about $10/barrel

A few days ago, Khalid al Falih, the Minister of energy of Saudi Arabia, said that the country may increase its daily oil production to nearly 11million barrels, which indicates that the country has "no intention" to use oil weapons and use its status as the world's largest crude oil exporter to deal with a series of recent international political pressures

In an interview with Tass news agency, Khalid al Falih said, "Saudi Arabia is a very negative country. For decades, we have taken the oil policy as a negative economic tool and isolated it from politics."

previously, the market was worried about Saudi Arabia's position on oil production

on Sunday, Turki al dakhil, head of Saudi Arabia's official al Arabiya news, said that if the United States sanctions Saudi Arabia for related events, it will mean that oil prices may soar to $200/barrel, and the world will be in trouble

investors withdraw from the stock market. The general trend of the financial market affects oil prices.

"there are many factors leading to the decline in oil prices today. The most important one is the current fundamentals of the financial market. Today, the financial market is still in the risk aversion stage. We see a large number of investors withdraw from the stock market and invest their funds in other 'shelters'." The head of the futures Department of Mizuho bank gave up the work of the world's top 500 researchers, said Bob yawger

cnbc believes that the weak trend of the stock market and the commitment of Saudi Arabia to increase oil production will jointly promote the decline of oil prices. It is difficult for NASDA to complete some major projects by relying on its own resources and capabilities. Tamar Essner, head of the energy department of NASDA, also said that the interaction between oil prices and stock market transactions is the main factor leading to recent oil price fluctuations. The economic downturn has led investors to withdraw from the stock market

in addition, according to a Bloomberg 1 survey, crude oil inventories in the United States increased by about 3.7 million barrels last week. The crude oil inventory in Cushing area increased by about 1.5 million barrels. These factors are conducive to the decline of oil prices

according to the U.S. Energy Information Administration (EIA), Iran's oil production and oil exports have fallen sharply since the United States announced sanctions against Iran. In June, Iran's exports of crude oil and condensate reached 2.7 million barrels per day. In September, this figure plummeted to 1.9 million barrels per day

it is worth mentioning that on October 23, the US Energy Information Administration said in a report that it is unclear whether Saudi Arabia and OPEC member states can increase oil production to meet the oil gap. This means that the impact of Saudi Arabia's measures to increase oil production and exports remains to be further observed by the market

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