Said thCrude oil analysis dataat investors’ concerns about the oil market will now be transferred to Venezuela’s presidential election on May 20. He pointed out that as of April, the number of oil drilling rigs in Venezuela reached the lowest point in five years. According to Baker Hughes
An economic reform program initiated by Salman. An OPEC source said that Saudi Arabia wants higher oil prices, which may be for Saudi Aramco's IPO, but it is not only for this purpose. He hinted that Saudi Arabia did this to fund economic reform plans and the Yemen war. To this end, they hope that oil prices can be higher.
According to customs data, 960,000 barrels/day of oil were imported in October, a record high, and the volume of crude oil imports is still increasing. It is estimated that the monthly imports will be 0,290,000 barrels/day. According to analysis, the oil that arrived in the month may have been paid when the international oil price was close to the high point, but since October, the international oil price has fallen by more than 0%. In other words, more oil will be imported later, because the current weak oil prices can just seize the opportunity to increase oil reserves.
Trump urged his team to consider attacking Russian and Iranian facilities in Syria if it is necessary to find the military equipment of the Assad regime. However, Mattis opposed this and warned that a larger attack might be Attracted dangerous responses from Russia and Iran.
International crude oil futures skyrocketed this week. The price of US crude oil futures rose by US$45 to US$70.5/barrel, an increase of 6%, the highest price since May 24. Brent crude oil futures prices also rose 58 US dollars to 7 US dollars per barrel, an increase of %, the highest closing price in the past two weeks.
On June 2, OPEC's official website released the latest monthly report. It is worth noting that the market has moved ahead before the monthly report.Crude oil analysis data Brent crude oil even fell below the key US$76 mark to welcome the OPEC monthly report.
The most obvious shock comes from the tariff policy of the Trump administration. The Trump administration has decided to impose 25% steel tariffs and 0% aluminum tariffs on many countries. These tariffs have pushed up steel costs in the United States, leading to rising oil and gas project costs. To make matters worse, the exemption application system is cumbersome and time-consuming, and some companies are angry about it, because which companies can get exemptions seem to rely entirely on the arbitrary decision of the US government.