Crude oil spot price quote
1/28/2021

Crude oil spot price quote

By Crude oil market dynamics

Abstract: Saudi Arabia is currently in a dilemma. If it does not reduce production, it means betraying the United States. If it reduces production, it means that it has to bear the risk of bankruptcy. However, Saudi Arabia may still choose to cut production, after all, the current oil pCrude oil spot price quoterice is close to the level Trump hopes to see.

Prior to this, domestic refined oil prices have undergone 8 adjustments. During the year, gasoline was raised by RMB 00/ton and diesel was by RMB 060/ton. The 9th refined oil price adjustment this year is also coming soon, but this round of price adjustment cycle coincides with the National Day holiday, and it is expected that oil prices will increase with a high probability, forming a three-game streak.

A State Department official said that our focus is to work with countries that import Iranian crude oil to allow as many countries as possible to reduce their imports to zero by the 4th. We are ready to cooperate with countries that reduce imports based on specific circumstances. We are serious about our efforts to pressure Iran to change its threatening behavior.

Almost all crude oil is priced in U.S. dollars. As the U.S. dollar has also begun to strengthen, the market has begun to worry that this may cause a blow to the economy, especially in Asia, which is particularly dependent on crude oil imports, which may lead to rising inflation as costs continue to rise. It will hit investors and related companies.

Obviously, the surge in U.S. shale oil production is a major reason for the surge in U.S. crude oil exports. In the past few years, U.S. refining production has consumed a large part of the greatly increased supply of shale oil, but the amount they can consume is limited. In addition, the type of oil that U.S. refineries can handle is not exactly the same as the oil extracted from the Texas shale field.

It is worth noting that, despite concerns about oversupply, investors entered the market on dips after oil prices fell to a two-month low of $442 per barrel on Monday. The game between supply and demand will continue. Experts in the industry said that as the impact of the Brexit referendum continues to fCrude oil spot price quoteerment, global economic, financial, and debt risks are also rising, and the international oil price downturn may continue for a long time.

On July 4, Trump once again tweeted to pressure Saudi Arabia, criticizing OPEC members for pushing up oil prices, and said that OPEC needs to take more actions against oil prices. In fact, the United States has already put pressure on OPEC. After the Vienna meeting, OPEC unanimously approved an increase in crude oil production by 0 million barrels per day, which is the largest increase in crude oil production in 20 years.