Trump can be said to be a friend of the oil industry, which has benefited from the rebound in oil prices. Trump is indeed right in this matter. The rise in oil prices is indeed mainly due to OPEC's measures to cut production. In early 207, OPEC member countries and non-OPEC major oil-producing countries headed by Russia began to implement a production reduction plan. This plan has worked, reducing the pressure of global crude oil supply and pushing crude oil prices from 26 per barrel reached in early 206. The low Is there a correlation between U.S. crude oil production and imports?of the dollar has nearly tripled.
In addition, as a crude oil importer and the original party to the Iran nuclear agreement, it believes that the terms of the Iran nuclear agreement have not lost their validity due to the absence of the United States. This means that it may decide to import more crude oil from Iran by signing a long-term contract with a discount. This move will expand its influence in the region, bypass any U.S. sanctions, and mean that it may reduce U.S. shale oil imports from the Gulf of Mexico, causing corresponding changes in the U.S. shale oil supply pattern. International crude oil The supply and demand pattern has also changed as a result.
However, data from the oilfield services company Baker Hughes showed that the number of drilling rigs in the United States fell by 5 to 858 last week. However, the number of wells still increased by 94 from a year ago, when there were 764 rigs.
Today, the price of crude oil has risen to US$75 per barrel, and was as low as US$27 per barrel in 206. The OPEC summit to be held on Friday will determine the production policy under the need to ease the current rise in oil prices and increase production to support the global economic demand. The current differences of opinion among the member states make it doubtful whether an agreement can be reached by then.
To a certain extent, due to the involuntary decline in Venezuelan output, OPEC's performance on the agreement has exceeded expectations. In theory, Saudi Arabia and other major OPEC oil-producing countries can increase oil supplies, but they have not yet done so.
As for the terminal's condensate crude oil export, it will also face shutdown, which will cause Sirte Crude Oil CompIs there a correlation between U.S. crude oil production and imports?any to face the interruption of natural gas production, and will also cause the North Benghazi and Zuetina power plants to face the shutdown. Risk, this will indirectly lead to the closure of the Brega petrochemical plant.
Iranian Foreign Minister Zarif also said during an interview in New York that if the United States withdraws from the Iran nuclear agreement, Iran will also withdraw immediately. He once expressed his appreciation for Macron’s support for the Iran nuclear agreement and hoped that Trump would listen to persuasion and not withdraw from the Iran nuclear agreement.
Falih said that the strong expectation of oil demand makes it too early to adjust OPEC+'s oil output policy in April and can be adjusted in June. Does this imply that the production cut by 200,000 barrels per day will remain unchanged before June?