On June 22, the main focus was to discuss whether to increase production to compensate for the decline in Venezuela and Iran’s supply. In the short term, the news should push up the fluctuation of oil prices. If the increase in production announced at that time is lower than market expectations, then oil priceLight crude oil spot price charts will rebound. If there is more room, then it may continue to fall at the current level.
The Energy Information Administration stated that underground inventories increased to 2.7 billion cubic feet in the week ending July 20, but still well below the five-year average of 200 million cubic feet. Traders quoted data from energy information provider Genscape as saying that they expected a decrease of 0 million barrels as of Tuesday.
Libya, a North African oil-producing country, tried to increase its output by 0 million barrels per day, but rival factions competed for control, as well as the frequent interruption of crude oil facility operations and the shutdown of crude oil export terminals, making crude oil supply risks still exist.
Weinberg believes that at the OPEC summit on June 22, major oil-producing countries are likely to try to assure consumers that they are ready to increase production when Iranian oil exits the market to eliminate market concerns about price increases.
Poulsen said many buyers have reduced Iranian oil imports to zero, or close to zero. Even India, which has huge oil demand, has significantly reduced Iran's oil imports-this situation will not change until the deadline on the 4th.
The most familiar capital market trading product for investors is undoLight crude oil spot price chartubtedly stocks. The unique T+ trading mechanism of the stock market makes stock operations very difficult and inflexible. The T+0 trading mechanism for crude oil speculation makes it easy to grasp market conditions and avoid risks at any time. Very flexible.
Cohen said that the Syrian conflict will not end soon. If the Syrian conflict escalates, it will accelerate the escalation of the Saudi-led Yemen war, Saudi Arabia's restless eastern region and Iraq. Iraq will hold parliamentary elections in May. Also in May, Trump will decide whether to reimpose sanctions on Iran. Iran is OPEC's third largest oil producer.
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.