Bloomberg said that Brent crude oil prices must rise to $95 on the current basis for Saudi Arabia to balance its budget deficit. However, Bloomberg analysts also said that the problem of oversupply in the international oil market is serious, and demand in the global oil market continues to decline. The expectation that oil prices will rise to $95 to balance the budget deficit is more aggressive. He also pointed out that even if Saudi Arabia’s oil revenue hits a five-year high, it is still difficult tWhat is crude oil trading todayo get rid of the sixth budget deficit.
Mackenzie's latest conclusion on the long-term outlook for global oil supply. Wood Mackenzie is a world-renowned energy consulting company, which is a world-leading business intelligence agency, involved in energy, oil and gas, metals and mining industries.
The Saudi and Russian energy ministers said on Friday that the two countries are ready to relax production cuts to reassure consumers about adequate supply; Saudi Energy Minister Falih added that even if the restrictions on production are relaxed, they will be gradually implemented to avoid impacting the market. The increase in production will relax the 7-month limit on production. Oil prices this month hit a high of US$80.50 per barrel since the end of 204, which makes people worry that oil prices have risen too high.
According to the latest OPEC monthly report from the Organization of Petroleum Exporting Countries, monthly OPEC crude oil production fell by 204,000 barrels/day to 960,000 barrels/day, the lowest level in a year, as Venezuelan crude oil production continued to decline, a decrease of 50,000 barrels/day from February . Saudi Arabia also further cut 690,000 barrels per day based on February, while production in Angola and Libya also fell sharply. However, monthly production in the UAE increased by 490,000 barrels per day from the previous month. On the demand side, OPEC raised the growth rate of global crude oil demand in 208 by 10,000 barrels per day to 60,000 barrels per day. OPEC said that global crude oil demand in 208 has now reached 98.7 million barrels per day. By the fourth quarter, we are expected to see crude oil demand surpassing the historic mark of 100 million barrels per day. In addition, OECD crude oil inventories are also continuing to decline, and are currently 4 million barrels short of the 5-year average target.
In an interview with Russia’s TASS news agency, Falih said that Saudi Arabia is a very responsible country. For decades, we have used oil policy as a responsible economic tool and isolated it from politics.
Four OPEC representatives from the Organization of the Petroleum Exporting Countries said this week that OPEC believes that the oil price rise to $80 a barrel is only a short and sudden increase, which is caused by geopolitical factors rather What is crude oil trading todaythan supply shortages. This sign shows that OPEC is not eager to reconsider the production reduction agreement.
During the overnight U.S. trading session, crude oil prices suddenly began to rebound strongly. After recovering the intraday decline and stabilizing at 65 US dollars, the gains were further expanded and approached 66 US dollars. After the market opened today, the market gains further expanded and exceeded 66 US dollars again. Unknowingly, crude oil has already recorded a three-day rising trend. Although there were large fluctuations in the market, it ended up in the end. However, there is a problem here. The increase in OPEC production is a huge negative for crude oil prices. Why is there such a significant increase in crude oil prices?
IEA said that due to US sanctions and economic turmoil, OPEC member Iran and Venezuela may reduce their oil production by nearly 0% next year, requiring other OPEC Gulf countries to increase their supply.
However, the Election Committee opposed the parliament’s order to recount the votes manually. The committee also said last Thursday that it would use constitutional and legal rights to challenge the amendment to the electoral law to allow recounts, because S&P Global Platts said in a statement that the amendment contains many Irregularities.