However, after the call between US President Trump and Saudi Arabia in the day, Saudi Arabia’s previous position that there is no need to increase production seems to have changed. This has made the Electronic Mini Crude Oil Contractmarket worried that OPEC and Russia will increase production reasonably, which may hinder the rebound in oil prices.
If the United States resumes sanctions on Iran, it may be difficult for Iran to export crude oil. However, some analysts believe that these concerns are excessive. Barclays predicts that although oil prices may continue to rise in this quarter, Brent crude oil may have a correction in the second half of 208.
OPEC and Russia and other non-OPEC oil-producing countries reached an agreement on production reduction at the end of 206, and the current production reduction agreement was extended to February 208. OPEC will hold the 74th OPEC meeting on June 22 to discuss issues such as production cuts.
On February 2nd, Yantai Jereh Equipment Group Co., Ltd. will be punished by the United States for violating US sanctions against Iran and continuing to cooperate with Iran. The United States accused the company of exporting equipment and equipment needed for oil exploration to Iran after Iran was sanctioned. At present, the company has reached an agreement with the United States and agreed to pay a fine of 2.8 million US dollars to the United States.
The U.S. Energy Information Administration’s EIA report released on Wednesday, July, showed that last week’s decline in U.S. crude oil inventories far exceeded expectations, while crude oil production continued to remain unchanged. EIA announced that as of the week of July 6, U.S. crude oil inventories fell by 260,000 barrels to 55.2 billion barrels, the largest decline in 96 weeks in the week of September 9, 206, and fell to the lowest level since February 205. Estimated to be a decrease of 4.49 million barrels.
Sulfur limit order. Morgan Stanley analysts said that the new regulations will greatly increase the demand for middle distillate fuels such as diesel and marine light diesel, and the demand for crude oil will also increase. The report said: Middle distillate fuel will be very popular, cracking spreads wiElectronic Mini Crude Oil Contractll become higher and higher, which will drive oil prices higher.