Monthly historical crude oil prices
1/11/2021

Monthly historical crude oil prices

By Crude oil market dynamics

Since January, 202, the state has begun to levy a consumptionMonthly historical crude oil prices tax on coking materials. Atmospheric residues need to bear the tax cost, but vacuum residues can be sold under the name of asphalt to avoid taxation. This is also an influencing factor for manufacturers to arrange for the production of asphalt or coking materials.

Kaombo oil field will also have a daily production capacity of 20,000 barrels, but this will take some time. As the reservoir pressure drops, the output of all oil fields gradually decreases over time, and the maintenance cost of deepwater operations in Angola is particularly high.

The bank also stated that it is difficult for French President Macron to persuade Trump to maintain the current nuclear agreement. At the same time, due to the interruption of Venezuela production and the implementation of the production reduction agreement, the crude oil market is already very tight, and any reduction in supply will affect the oil market. The words are huge.

At the meeting, the member states disputed over how much to reduce production. According to Goldman Sachs' estimates, in order to reverse the current oversupply of crude oil and the continued decline in oil prices, OPEC needs to cut production by at least 0 million barrels per day. JPMorgan Chase expects to reduce production by at least 500,000 barrels per day. However, among the OPEC member states, only Saudi Arabia can reduce production by more than 100,000 barrels.

The CEO of Lukoil, Russia’s second largest oil producer, Lukoil, Vait Alekpalov, also expressed support for reconsidering production restrictions because oil prices are already high and they also support 208 Expansion of the basic framework after the year.

Although Saudi Arabia’s oil minister Falih promised to increase the supply of approximately 0 million barrels per day to prevent insufficiMonthly historical crude oil pricesent supply, two OPEC sources said on Friday that the daily output of Saudi crude oil in July was about 0.29 million barrels, which was higher than that. It fell by about 200,000 barrels in June, which has triggered concerns about global oil supply. Both Saudi Arabia and Russia vowed in June to increase production from July, and Saudi Arabia pledged to provide measurable supply increases.

Since the United States withdrew from the Iran nuclear agreement in May, it has always emphasized the need to restart sanctions against Iran, especially oil sanctions. It is expected that on April 4th, Tehran’s economic lifeline-oil exports will be directly contained, and the United States nominally hopes to force Iran to stop developing nuclear weapons through sanctions. In June, Trump issued a ban, requiring other countries to stop importing Iranian oil after the 4th, otherwise they will be sanctioned. The United States has repeatedly stated that it will not grant immunity to any country, including its ally-Japan.

Nowadays, as a major energy-consuming country, only a small amount of crude oil is imported from the United States. Data in 207 showed that crude oil imports were about 8.4 million barrels per day (900 million tons, worth 6.2 billion U.S. dollars, and of this, the United States accounted for less than 2%, and the amount was only 200 million U.S. dollars.