Saudi Energy Minister Falih has stated that Saudi oil production this month will exceed 0.6 million barrels per day in October. It is close to the highest level in history, but below the guideline of 0,700,000 barrels a day announced in 0hplc crude oil analysis.
As it is an important determinant of Saudi Arabia’s market share, if the Sino-US trade relationship improves and increases in crude oil imports from the United States, it will greatly increase Saudi Arabia’s production cut costs and lose more market share. Once this happens, it is likely to force OPEC to end the production reduction agreement early, and it will be difficult for the high oil price to continue. Judging from this Sino-US joint statement, the probability of the latter occurrence is significantly higher.
The output of offshore oil well projects accounts for 0% of global crude oil production. The current daily output is 22 million barrels. This proportion has remained stable since the new millennium. On the base of 22 million barrels per day, 5-20% means 0-4.4 million barrels of production per day, which is much larger than the current OPEC’s idle capacity. In other words, it only takes a year for the world's crude oil to fall into serious condition. The supply exceeds demand.
The practical skills of BOLL indicator in crude oil investment mainly focus on the relationship between the K line and the upper, middle and lower rails of the BOLL indicator and the opening and closing conditions of the Bollinger Band. Because the BOLL indicator is on the main chart on some software, in order to more accurately study and judge the market, investors can use the combination of BOLL and TRIX indicators to study and judge the market.
However, the decline in Iran’s crude oil exports is only one aspect, and it is also necessary to consider Iran’s possible response to the new sanctions, because Iran cannot wait for the sanctions to come, especially when its exports are restricted. At the same time, some other countries such as Saudi Arabia are working. Consider absorbing its market share.
On the one hand, Russia is unwilling to continue to cut production, and Canada will also increase production; on the other hand, once the NOPEC bill is passed, OPEC will be punished by the United States. Based on this, it is very likely that member states will end the production cut early. Therefore, it may be difficult fohplc crude oil analysisr the production reduction agreement to continue until June this year.
Recently, crude oil prices have been fluctuating continuously in the range of 65-66 U.S. dollars. Yesterday, the market even fell below 65 U.S. dollars. However, at this moment, the huge buying order frantically entered the market and caused a strong rebound in the crude oil market. In the end, the market closed strongly and broke through the $66 pressure level, leading to the opening of the market stabilizing above $66 on Tuesday. This breakthrough market successfully broke the previous shock range. Is this a rebound signal for the crude oil market?