Current Bakken Crude Oil Price
1/28/2021

Current Bakken Crude Oil Price

By Crude oil market dynamics

TCurrent Bakken Crude Oil Pricehe attitude of OPEC countries can be seen from the OPEC joint ministerial supervision meeting in April. At this meeting, the Saudi Minister of Petroleum believed that there should not be just one indicator for reducing production, but also the issue of increasing US shale oil production. For the inventory of OECD countries, the hedge between OPEC's production reduction and shale oil production increase does not actually have a zero growth effect on inventory changes. Once the OPEC meeting in June decides to continue to cut production, a decline in stocks in OECD countries will be inevitable.

The International Energy Agency predicts that the country's situation will continue to deteriorate in the next few years. According to the agency, Angola reached a peak of 900,000 barrels per day in 2008. Today's production has fallen to around 500,000 barrels, and is expected to drop to around 100,000 barrels per day in 202.

In general, the world’s major crude oil exporting countries such as Iran, Saudi Arabia, Israel, Venezuela, etc. have all experienced obvious geopolitical crises, which affected the crude oil supply and production of global crude oil exporting countries. For example, Venezuela’s crude oil production has increased from an average of 2000 thousand per day in 207. Around barrels, a sharp drop of 25% to the average daily average of about 500 thousand barrels in April 208. Therefore, the geopolitical crisis has become an important driving force for the price of crude oil to break through the 70 mark in 208.

Iran’s proven crude oil reserves account for nearly 0% of the world’s crude oil reserves, and account for% of the total reserves of all members of the Organization of Petroleum Exporting Countries (OPEC). Iran's crude oil production accounts for about 5% of global production, making it the third largest oil producer in OPEC.

The U.S. sanctions against Iran will mainly use petrodollars to control Iran’s economic lifeline, but now this move is almost ineffective. It is understood that although Iranian oil has completely stopped paying in US dollars, Iran has established barter transactions with many countries.

Hamberge said that before the tariffs were imposed, the private sector was originally prepared to invest US$4 trillion in energy infrastructure to keep up with the rising pace of production. It is expected that by 205 at least oneCurrent Bakken Crude Oil Price million jobs will be added.

Considering the huge price fluctuations during this period, this reaction is quite eye-catching: the first Gulf War broke out between 990 and 1999, and oil prices soared during this period, albeit for a short time; in 999, crude oil prices collapsed and fell. To $0 per barrel; and before the Great Depression in 2008, crude oil prices exceeded $00 per barrel.