Crude oil trading small specifications
CNOOC Offshore Oil Corporation is a super large state-owned enterprise directly under the State-owned Assets Supervision and Administration Commission of the State Council, and the largest offshore oil and gas producer. As of 20 years, CNOOC has four major oil producing regions offshore: Bohai Tianjin, Zhanjiang in the west of the South China Sea, Shenzhen in the east of the South China Sea, and the East China Sea. At the same time, CNOOC is also one of the largest offshore oil producers in Indonesia and CNOOC has upstream assets Crude oil trading small specificationsin Nigeria, Australia and other countries.
Any escalation of the situation in Syria may cause instability in the region, which will affect the supply of crude oil. Barclays Capital analyst zaiyi9fen wrote in a report that with the advent of the peak driving period and OPEC will hold a meeting in June to maintain the production reduction agreement, it will be difficult for the last two months of the second quarter to see a major fall.
This week Trump signed an executive order prohibiting American natural and legal persons from buying Venezuela’s sovereign debt and having business dealings with state-owned units in the country. Trump emphasized in the order that the purchase of Venezuelan government bonds, including debt, is prohibited.
According to feedback from insiders familiar with the OPEC industry, the meeting may decide to increase production by 0 to 600,000 barrels per day, so as to appropriately fill the supply gaps in Venezuela and Iran and ensure that oil prices will not fall sharply. The market had previously expected OPEC and Russia to plan to increase production by at least 0 million barrels per day.
The factors that will dominate oil prices in the future include three aspects: First, tight supply and strong demand determine that the center of gravity of oil prices will continue to rise. Driven by strong demand, the crude oil market has rapidly shifted from supply rebalance to supply underbalance. In April, OECD inventories were still above the five-year average of 50 million barrels, and are now below the historical average of the past five years. At present, the global crude oil supply is 98 million barrels/day, while the demand has reached 99 million barrels/day, and the demand gap is still widening. In terms of crude oil supply, OPEC loosened the agreement on production reduction, but due to domestic political and economic reasons, it is difficult for member states to quickly resume production in the short term. The U.S. crude oil pipeline transportation capacity has also reached its limit. At the same time, the loading and unloading capacity of U.S. tanker terminals has also restricted the export of a large amount of U.S. crude oil, making it difficult for U.S. crude oil to quickly fill the supply shortage in the short term.
On Wednesday, October 7, Beijing time, data released by the U.S. Energy Information Administration EIA showed that the U.S. commercial crude oil inventories in the week ending on October 2 excluding strategic reserves increased by 6.49 million barrels to 6.4 billion barrels, an expected increase of 909,000 barrels. Value increased by 59.7 million barrels; gasoline inventories decreased by 20.6 million barrels, and the previous value decreased by 900,000 barrels, which is expected Crude oil trading small specificationsto decrease by 5.5 million barrels; refined oil inventories decreased by 8.7 million barrels, and the previous value decreased by 26.6 million barrels, which is expected to decrease by 0 million barrels; Cushing area Crude oil inventories increased by 7.6 million barrels, and the previous value increased by 2.9 million barrels; after the release of the data, oil prices plummeted in a short-term, and US oil once expanded to 0%.
According to EIA data from the U.S. Energy Information Administration, as of the week of April, U.S. crude oil production reached a record high of 0.54 million barrels per day, continuing to surpass Saudi Arabia as the world’s second largest crude oil producer. Russia is still the world’s largest crude oil producer. In China, the average daily output is close to 0 million barrels.