International Crude Oil Market Report Petroleum Gold

International Crude Oil Market Report Petroleum Gold

India is Iran’s largest crude oil customer. According to foreign media reports on August 8, India imports 40% of Iran’s crude oil each year and is a very important customer of Iran. But now India is under pressure from the United States to prepare to buy 6.6 million barrels of US crude oil. According to reports, India has begun to replace Iran’s crude oil supply with the UnitedInternational Crude Oil Market Report Petroleum Gold States and Saudi Arabia. As early as April of this year, Saudi Arabia signed an order worth US$44 billion with India. The Saudi company will build a crude oil refinery in India. The Saudi official stated that it will build one of the world's largest oil refineries and chemical plants in India.

Tonight, the 7th adjustment window for refined oil prices this year will open. Prior to this, oil prices have experienced a pattern of nine rises, seven falls and one stranded. Gasoline has risen by 700 yuan/ton, and diesel has risen by 680 yuan per ton. The last oil price adjustment was at 24:00 on August 20, when gasoline and diesel prices were all reduced by RMB 50/ton. According to Longzhong Information, at present, the retail price of 92# gasoline in most areas of the country is 2-4 yuan/liter, and diesel is 82-02 yuan/liter.

It can be seen that although oil prices have recently released a strong signal of rising, that is, the need to increase supply and slow down the growth of oil consumption, but subject to continuous demand growth and supply uncertainties, oil prices may still fluctuate upward in the short term, but the upward range may be possible. Not as good as before. In the medium term, the market will still return to a new balance. Different from 204 to 207 by limiting production, stimulating demand and reducing inventory to achieve a balance of supply and demand, from the time OPEC reached an agreement to increase production, the path to achieve the new balance will be different.

For Japan, India and South Korea, the issue of crude oil supply is indeed a balance of interests. A researcher from the Korea Energy Economics Agency said that South Korea is currently in a difficult situation because they have to take orders from the United States. The researcher also said that because it is facing the Trump administration, this uncertainty has caused concerns among Asian refineries and petrochemical companies. Under pressure, some companies have to actively choose to reduce before the deadline. Iran's crude oil imports have intensified concerns about insufficient crude oil supply in the market.

This is the first and most important factor. You may have heard that crude oil has always been in a state of oversupply, and oil-producing countries are unwilling to reduce production. Although crude oil prices have fallen sharply, they have fallen below the production of many crude oil producers. Cost, but most crude oil producers continue to produce under pressure from losses.

Last week Trump announced his withdrawal from the Iran nuclear agreement, which triggered a sharp rise in the situation in the Middle East. However, Iran’s restraint made this move by the United States a one-man show. At the moment, Iran is still in the Iran nuclear agreement, which to a large extent. Reduced the risk of the Middle East situation, so last week crude oil prices reached a new high of 789 US dInternational Crude Oil Market Report Petroleum Goldollars, on Friday quickly ushered in a wave of sharp corrections. From the opening of this Monday, oil prices have temporarily stabilized above US$70.50, and the trend is relatively stable. From this, it can be inferred that there is still a strong bottom support below the current oil price. Although the situation in the Middle East has cooled, the potential impact of Iran can still be It will give some help to crude oil, and it is expected that crude oil prices may fall into a high level of shock this week.

According to a report released by the NPD last Thursday, the number of exploratory wells this year is expected to increase from 6 last year to 50, of which about 0 are preliminary exploratory wells. This means that if the prospector maintains the current exploration efficiency, the proven oil and gas volume this year is expected to reach the level of 0 billion barrels. Aker Petroleum is the most active explorer in the Norwegian coast. The company’s exploration director Hartwait Gro