Cunningham pointed out that even when Saudi Arabia broke its production record in 206, the output at that time was only 0.6 million barrels per day, so Saudi output itself has yet to be tested by facts. Earlier Bloomberg also reported that at the recent Asia Pacific Petroleum Conference held in Singapore, many industry executives expressed doubts about whether Saudi Arabia's production capacity could be increased to 500,000-500,000 bCrude oil price chartarrels per day.
Two White House officials and a source familiar with discussions within the US government said on Wednesday that US President Trump has almost decided to withdraw from the Iran nuclear agreement signed in 205 by May 2, but the specific approach is still unknown.
According to an announcement, in the first half of 208, the global oil market supply and demand fundamentals were tight, and the average international crude oil price rose sharply year-on-year. According to statistics, in the first half of 208, the main Brent crude oil contract rose by 89%, and the US crude oil contract rose by 24%.
As of press time, the price of WTI crude oil in the United States has fallen by US$89, or 4%, to US$470 per barrel. Brent crude oil has fallen by US$7, or 2%, to US$50.7. International oil prices have fallen by more than US$7 since February 4.
Take Venezuela as an example. After being subjected to continuous economic sanctions by the United States, the current daily output does not exceed 500,000 barrels, which has caused the country’s national oil companies to fail to fulfill their contracts and to carry out foreign transportation. Although the United States has not yet introduced specific sanctions, we believe that considering that crude oil production and exports are important sources of economic income for the above two countries, the United States will definitely increase its crackdown on its oil industry. In other words, Saudi Arabia and Russia took the opportunity to increase production in order to compete for global crude oil market share is an inevitable result of the current market structure.
Since oil prices hit $7 a barrel, the speculative crude oil net long position has been declining, and there is a saying in the population, "I hope nothing goes wrong," analysts said in the report. From the perspeCrude oil price chartctive of risk management, such an idea is dangerous.
Although the US sanctions have a great impact on Iran, the speaker of the Iranian parliament stated on the 4th that the resumption of sanctions by the US is an oppression and torture for the entire Iranian country and a war launched against the Iranian people. However, he added that US sanctions are not enough to defeat Iran.
In addition, the increase in US crude oil inventories has also put pressure on the market. Data show that in the week ending May 8th, US national commercial crude oil inventories increased by 5.8 million barrels, while the market had generally expected that inventories would decrease. However, based on economic fundamentals, some institutions are still optimistic about the outlook for oil prices. OPEC's oil production fell more than the original production cut plan, so the second and third quarters of global oil inventories are expected to be significantly reduced, which should promote the average Brent crude oil to rise to $80 in the third quarter. Societe Generale analysts said in the report.
Investing in spot crude oil below 50,000 funds is considered small-scale operating funds. The rate of return should not be too high, too fast, and slow. The monthly profit should be considered as a steady rate of return between 5000-0000. A reasonable normal range between 0 and 20,000 is considered to be quite good.