Algerian crude oil spot price
1/22/2021

Algerian crude oil spot price

By Crude oil market dynamics

In recent weeks, hedge funds and other fund managers have reduced their long oil positions. The short position of US crude oil last week hit the highest level in six months, while the short position of Brent crude oil hit the highest level since the beginning of August last year. Long Brent crude oil positions have fallen for the seventh consecutive week, reaching their lowest level since September lAlgerian crude oil spot priceast year.

Recently, the international oil market has been quite lively. Because countries that exempt Iran’s oil imports will face the embarrassment of being oil-free, the shortfall in supply will cause the possibility of rising oil prices for a while, but then it has been exposed that Saudi Arabia may take the opportunity to increase production.

The U.S. government also authorized U.S. citizens to sue Cuba and third-country companies for the confiscation of their property by the Cuban Revolutionary Government. In response to the sudden sanctions imposed by the United States, the President of the Cuban Council of State and Chairman of the Council of Ministers, Diaz-Canel, quickly fought back.

|The sharp drop in international oil prices has caused many oil-producing countries to complain. Because of the sharp drop in oil prices, Saudi Arabia’s fiscal expenditure next year will reach 06 trillion riyals, or about RMB 0 trillion, which is a% increase compared to this year. This is the largest fiscal expenditure budget in Saudi history. Iran has also suffered. Iranian President Rouhani released the country's 209-year budget on February 25. According to the Iranian calendar, the next year starts on the 2nd of the next year on the Gregorian calendar. The new budget totals 4,700 trillion rials, or about 47 billion US dollars, which is nominally balanced and does not include the budget expenditures of state-owned institutions, state-owned enterprises and state-owned banks. , 000 trillion riyals more than this year’s budget.

As crude oil prices return to the 65-line shock range again due to the huge shock last week, the current crude oil market situation is already obvious. Everything is waiting for this week’s OPEC meeting. Whether the release of production increase or decrease will be released. Become the key to the trend of crude oil in the next period of time. However, at this critical moment, an unexpected crisis is quietly erupting, which may become another major variable in changing the crude oil market.

It is Russia that needs special attention. According to the agreement, Russia needs to reduce production by 0 million barrels per day, and the baseline for the reductAlgerian crude oil spot priceion is 270,000 barrels per day in October 2006. In May of 208, Russia’s crude oil production remained at 9.97 million barrels per day, which has exceeded its agreement with OPEC for consecutive months, according to its third largest crude oil producer Gazprom

More subtle is the sudden announcement of the postponement of the OPEC meeting on Friday. At the same time, the energy ministers of Saudi Arabia, the United Arab Emirates, Venezuela, Iran and Iraq held closed-door meetings. Among them, Saudi Arabia and the United Arab Emirates are the main drivers of OPEC's production increase, while Iran, Venezuela and Iraq It is the main dissenting country. Market participants said that a closed-door meeting was held on the eve of the meeting, indicating that OPEC parties hope to reach an agreement at a formal meeting, but the current differences on key issues are still difficult to resolve, so a compromise agreement was reached through short-term negotiations.