Last week, Venezuela has experienced a serious lag in the process of submitting crude oil products, indicating that the country's crude oil production difficulties have increased. At the same time, the market is also worried that the new round of sanctions imposed by the United States on Iran may lead to a decline in Iranian oil exports. ThMaya Crude Oil Contracte decline in global oil supply has increased and exceeded expectations. The problem of oil surplus is currently turning into a shortage.
OPEC said in its latest monthly report that monthly crude oil inventories in developed economies worldwide have fallen to around 9 million barrels from the 5-year average, while there is a gap of 400 million barrels from the 5-year average in 207. OPEC stated in its monthly report that the performance of the crude oil market in April was strongly supported by geopolitical factors, with tighter refined oil inventories and rising global demand. As OPEC continues to promote production cuts, Venezuela's output has also fallen sharply, but the country is mainly affected by the economic crisis.
Following the good news that Qinghai Oilfield has added 200 million tons of oil and gas tertiary geological reserves, good news has also come from the Junggar Basin in Xinjiang, which has played an important role in achieving stable production of 100 million tons of oil by CNPC. Does this also mean that the domestic use of cheap oil is not far?
Therefore, it can be seen that the crude oil market may be facing a long-short battle in the next July. In fact, it is worth noting that the market generally believes that there is actually pressure from the United States behind the decision to increase production. US Secretary of Energy Perry said on Monday that the production increase agreement reached this time may be a little insufficient. Based on this, some analysts believe that Perry may ask Russia to increase production of more crude oil on Tuesday, and Russia may use this in exchange for asking the United States to reduce its economic sanctions.
In February 208, before OPEC reached an agreement to cut production, member Qatar announced its withdrawal from the group. Qatar Energy Minister and Minister of Oil-Saad Kaabi said that Qatar's withdrawal is to better develop natural gas. Qatar's decision to withdraw from OPEC is because it intends to focus on the development of natural gas extraction and the production of LNG from 77 million tons per year. Increase to 100 million tons. .
When there is a double top or multMaya Crude Oil Contractiple top again, but the price has not risen above the original top, even a bull market should not enter prematurely. Once the price rises above the original peak, before it falls, the price often shows obvious signs of rising.
According to CNPC.com, it may be based on the following aspects: First, the trade war panic triggered by Trump’s trade protectionism. Yesterday the United States announced additional steel and aluminum tariffs on Canada, Mexico, and the European Union. US Secretary of Commerce Ross said , The United States hopes to continue trade negotiations with Canada, Mexico and the European Union. It also pointed out that negotiations with the EU have made progress, but it is not enough to continue to exempt its tariffs.