Current crude oil price per barrel

Current crude oil price per barrel

In fact, as mentioned in previous articles on China Oil.com, crude oil prices have continued to rise to new highs recently. Especially after breaking through the 70 mark, the rise has not been significantly reduced, but is seeking a breakthrough in further upwards. Therefore, in such a In the process of rising, it is very likely that there will be a trend of correction, especially the factors supporting the rise of oil prices mainly come from changes in the situation in the Middle East. Once the situation coolsCurrent crude oil price per barrel down and the bulls weaken, the market rise will slow down significantly. At that time, the market will choose to leave at a high position.

Rao said. Oil import spending in fiscal year 209 may exceed US$4 billion. According to a recent report from Oxford University, in order to cope with the drag on economic growth, India needs to reduce its dependence on oil, but India’s oil consumption is steadily increasing. Per capita consumption has grown steadily, consolidating its position as one of the world's largest oil importers. This exposes the Indian economy to fluctuations in global oil prices, the report said. India needs to reduce oil demand and then imports to reduce the impact of rising oil prices. But we think this is impossible in the next 0 years.

The release of crude oil supply will be gradual. He said that Saudi Arabia's 2 million barrels/day of idle production capacity is very large and costly, and Saudi Arabia will complete a one-third increase in production. OPEC will meet again in September and will make adjustments if necessary. OPEC, non-OPEC technical committee will meet in Algeria in September. He does not want to discuss how to deal with things that have not reached consensus. Saudi Arabia is not seeking to be a buyer of Iranian oil.

Barkindo said in a statement last week that although the current oil market appears to be adequately supplied and balanced between supply and demand, the overall state is relatively fragile. It is likely that in 209, due to a larger-scale supply growth, the oil market will fall into imbalance again, that is, return to oversupply. .

According to the statement of the Saudi Ministry of Energy, the Director of the National Energy Administration Nur Bekri told Falih that he hopes that Saudi Arabia will take further concrete actions to ensure adequate supply of the crude oil market. Oil prices have risen by nearly 20% since the end of last year. Russia and OPEC oil-producing countries have benefited from this, but their voluntary production cuts have provided opportunities for other oil-producing countries, such as the surge in shale oil production in the United States and increased market share.

The Northwest Europe market is larger than the London market. It is distributed in Amsterdam-Rotterdam-Antwerp, abbreviated as ARA. Rotterdam is the core of the Northwest Europe market. The Northwestern Europe market mainly serves Germany, the United Kingdom, the Netherlands, and France. This area is home to important oil terminals and refineries in Western Europe. Crude oil mainly comes from the CIS countries, followed by crude oil from the North Sea Oilfield and oil products from independent refineries in Current crude oil price per barrelthe ARA region.

When Trump decided to impose new sanctions on Iran in May, Saudi Arabia issued a statement on the same day that it was prepared to make up for any possible supply shortages. Reuters reported earlier this month that one day before Trump announced his withdrawal from the Iran nuclear agreement, one of his senior officials called Saudi Arabia and said that if Trump's decision affects oil supplies, the United States asked Saudi Arabia for assistance in stabilization. Oil prices.

This means that even if the international oil price rises, it is difficult to see a scenario of rising to $00. Coupled with the changes in geopolitical risks in the Middle East, international oil prices are facing the possibility of black swans. On the whole, it is reasonable to expect Brent crude oil prices to rebound to 60-70 US dollars per barrel in 209.