Oil prices are of course an exit indicator that OPEC is concerned about, but the fundamental purpose of production cuts is to reduce the excessive accumulation of crude oil inventories in developed countries' marBrent crude oil spotkets before, and it is expected to digest it to the five-year average. After the price of oversupply oil plunged in 204, the markets of developed countries accumulated a large amount of inventory.
In recent months, tensions between Saudi Arabia and Iranian Houthi supporters have increased, indicating that different targets in Saudi Arabia, including facilities in Saudi Arabia, have been launched by ballistic missiles and drone strikes.
One hour after the latest US sanctions were issued, the Iranian state media issued a government statement stating that the parties to the Iran nuclear agreement must take action to defend the existing Iran nuclear agreement. The decline in oil prices narrowed further, with WTI and Boiler returning to above USD 7 and USD 77 respectively.
In the last week, international oil prices fell for 7 consecutive days. WTI crude oil fell 64% on the 7th, reaching a minimum of US$50.5/barrel, the largest weekly drop in 4 years. Brent crude oil fell 79% on the 7th, with oil prices as low as $54/barrel. Prior to this, between the end of 0 and the 20th of the month, international oil prices also experienced two consecutive declines, with a cumulative decline of 28%. So far, international oil prices have fallen by more than 0%.
In addition, gasoline inventories fell by 460,000 barrels last week, and analysts expect a decrease of 200,000 barrels. At the same time, refined oil inventories fell by 0.8 million barrels last week, and analysts estimated a reduction of 80,000 barrels. More data show that US crude oil imports fell by 80,000 barrels per day to 7.9 million barrels per day last week. After the API data was released, the trend of the U.S. and Burundi oil pans did not change much.
The person familiar with the matter said that as early as July this year, countries will accept an incremental quota of 800,000 barrels per day in proportion. However, the actual increase in crude oil supply in the market will be lower than this level because some countries such as Venezuela, Brent crude oil spotAngola and Mexico cannot increase crude oil supply.
Supporting these possibilities is the reduction of global crude oil inventories and the tougher US foreign policy. As Harry Zigliian, head of commodity market strategy at BNP Paribas, said, the geopolitical turmoil in Venezuela and Iran may have an impact on crude oil supply in the future. At the same time, the demand situation remains stable. In this case, speculators are bound to be optimistic about future oil prices.
For the oil industry, there will also be a revaluation. As of 207, the total assets of the oil and gas and pipeline sectors were 59.2 billion yuan, the net assets of the sector were 99.2 billion yuan, and the pre-interest and tax profit was 50 billion yuan. Some analysts believe that the value after revaluation is at least 400-600 billion yuan. yuan.
It is worth noting that India believes that the crude oil imported by RelianceIndustriesNS:RELI comes from the agreement agreed before the sanctions, indicating that the country may stop buying Venezuelan crude oil in the future.