International Crude Oil News
1/22/2021

International Crude Oil News

By Crude oil market dynamics

Statistics from the Bureau of SInternational Crude Oil Newstatistics show that the oil refinery processed a record volume of crude oil in 208, about 600 million tons of oil, or an average of 2.07 million barrels per day, an increase of 6% year-on-year, which further proves that the dependence on imported oil will increase again in 209.

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According to the U.S. Energy Information Administration, U.S. crude oil inventories fell by 600,000 barrels last week, far exceeding expectations for a reduction of 550,000 barrels. Gasoline inventories increased by 540,000 barrels, and refined oil inventories increased by 640,000 barrels. Both inventories are expected to decrease by approximately 0 million barrels.

As of press time, crude oil prices have recorded a rise of nearly US$2 this week, from US$65 to around US$67. If it continues to rise on Friday, it is expected to reverse the short-term downward trend and end the weekly streak. However, at night, the US Baker Hugh Slovakia oil drilling data is released, investors need to pay close attention.

Bank of America Merrill Lynch also recently expressed a pessimistic view that the emerging market economy may slow down. This happens when OPEC increases production. The combination of two factors may eventually lead to oil prices falling to 60 US dollars per barrel. Bank of America Merrill Lynch did not even take Trump's trade war into consideration, which may also hinder economic growth in industrialized countries and further hit oil prices. Trump has received criticism from all sides, including many people in the Republican Party, but he is currently taking a radical approach to move forward.

After September 208, the purchase of US crude oil was stopped due to certain policies of the US government. Now, US policy has eased, aInternational Crude Oil Newsnd buyers have begun to import US oil. It is reported that three US crude oil cargo ships are sailing from the U.S. Gulf of Mexico. This is the first batch of crude oil shipped directly from the United States since the end of September last year. Analysts believe that this marks a change in the loss of market for US crude oil, and that US crude oil may regain the favor of buyers.

Former Federal Reserve Chairman Greenspan also said recently that Brexit is actually only the tip of the iceberg, and the real troubles are actually much greater. In short, the real income growth rate across Europe is seriously slow. The cracks in the European Union are now exposed in broad daylight, and countries such as Spain, Italy, and Portugal are likely to follow the example of the United Kingdom. All in all, whether the EU’s days have started a countdown, only time can give an answer, and this will obviously help the Fed to delay raising interest rates.

Iranian Petroleum Minister Zangane said that he had a good meeting with Saudi Energy Minister Falih and the private exchange with Falih was pleasant. He believes that $70/barrel is a good oil price level. Iran seeks to work with other members to adjust the structure of the OPEC + Joint Ministerial Supervisory Committee. Japan has not stopped buying Iranian crude oil. He said that political tensions are affecting the oil market, and some oil-consuming countries are reducing purchases. And condemned that US sanctions were not Iran’s primary issue in the communiqué. He hopes to reduce the excess implementation rate and will make structural adjustments to the OPEC agreement.

According to the survey results released on Monday, OPEC's daily production increased by 20,000 barrels in June, and the oil production of the two member countries that have set production reduction targets increased by 680,000 barrels/day from May. The Russian Ministry of Energy said on Monday that Russia’s oil production in June increased to 060,000 barrels from 9.97 million barrels in May.