In fact, oil prices that are too high or too low are not good news for the long-term development of major oil-producing Crude oil market makercountries. Too low oil prices may put huge pressure on the fiscal revenues of countries that rely on crude oil exports, while excessive prices may stimulate the development of alternative or clean energy sources. Birol believes that high oil prices are not in the interests of crude oil importing countries. At the same time, long-term high oil prices are not good for crude oil exporting countries. He hopes that oil prices can be determined by the market.
The shale gas orders worth RMB 100 million accounted for 25% of the total order value. China Oil Energy, Anton Oilfield Services and Honghua Group account for 25%, 20% and 22% of the non-state shale gas extraction market. Driven by government policies, the huge growth potential of LNG storage capacity has benefited CIMC Enric, a leading manufacturer of storage facilities. Under our general scenario, we expect CIMC Enric's net profit to grow by more than 20% year-on-year in the next three years.
The US government plans to increase production to 0 million barrels per day this year. The market expects that the number of wells in the United States will further increase, which will intensify the oil market’s concerns about the continued increase in shale oil production in the United States, and oil prices may continue to fall.
At the same time, Venezuela's production cut has a greater impact on the international crude oil market segment. Venezuela's oil exports are basically heavy oil. With the subsequent sanctions on Iran, the supply of heavy oil will further decline, which will also push up the price trend. Affected by this, the price of medium-acid crude oil has risen sharply last month. And this situation will not be alleviated in the short term. The current increase in the crude oil market is mainly US shale light oil.
There is speculation that even after ending the waiver of US sanctions on Iran, Trump may continue to seek negotiations and use the most severe sanctions as a bargaining chip to try to impose restrictions on Iran’s ballistic missile program. This news triggered a reaction to oil selling news, pushing the US WTI price below US$70/barrel.
Data show that in the first nine months of 208, crude oil imports from the United States wereCrude oil market maker about 80,000 barrels per day, accounting for about 6% of total crude oil imports. However, there were zero imports of U.S. oil in October and January of 208. There was only a shipment of cargo in February, and there has been no scheduled arrival of U.S. crude oil.