Eurasian Group analysts said in the report that Iran’s nuclear program is likely to recover, but in a “modest way” to avoid a breakdown in relations with Europe. At the same time, Iran is also likely to promote incrWeekly crude oil spot price (in USD per barrel) in oil; see the problemeased tension in the Middle East to counter the United States, Israel and Saudi Arabia. An angry Iran has no constraints in the Middle East. This may lead to further increase in the volatility of the crude oil market. Not only will upward pressure continue, but surges will become more common.
Affected by the geopolitical tensions in the Middle East and the possible delay of OPEC's production reduction agreement, the oil distribution started its rally in mid-April. A recent Deutsche Bank report stated that if the oil distribution exceeds $80 per barrel, the 0-year U.S. Treasury yield is expected to stabilize above %, which will drive a large amount of funds back to U.S. Treasury assets and push the dollar to strengthen.
As of press time, US crude oil hit a low of nearly two trading days to $652/barrel, the largest intraday drop of 8%; Brent crude oil recorded a low of nearly two trading days to $792/barrel, the largest intraday drop of 2%.
On the same day, the IEA monthly report will be published in the afternoon. As the three major monthly reports in the crude oil market, the IEA monthly report usually publishes the outlook for crude oil demand for 209 or even 2020, which also has an extraordinary impact on international oil prices.
Saudi Arabia and Russia advocate increasing production, but countries such as Iran and Iraq oppose it. The International Energy Agency assumes a situation: Saudi Arabia and Russia may reduce their production by 500,000 barrels per day before the end of next year, while other OPEC members in the Middle East will fill the gap of approximately 100,000 barrels per day.
In addition to the conversion of long and short forces, the price of spot crude oil has also exceeded the price of futures, indicating that the recent long speculation has led to excessive capital influx. With the recent decline in oil prices, long positions or reduced positions have further triggered the market. The panic may lead to a further drop in oil priceWeekly crude oil spot price (in USD per barrel) in oil; see the problems.
Another survey showed that price and scale have become additional barriers to the massive adoption of electric vehicles in India. Faced with these challenges, the Indian government has recently revised its ambitious goal, changing the realization of fully electric vehicles by the year 200 to 0% of vehicles being electrified.