Russian crude oil contract pdf
1/22/2021

Russian crude oil contract pdf

By Crude oil market dynamics

Russian crude oil giants are actively expanding production, but considering the existence of production reduction agreements, they also allow a part of the natural loss to reduce crude oil inventories. But they have made it clear that instead of maintaining a production reduction agreement, they hope that they will not delay more time on nRussian crude oil contract pdfew projects.

When expanding refining capacity, restrictions on crude oil imports and refined products exports were relaxed. According to estimates, crude oil imports rose 7% in the first quarter to approximately 9.09 million barrels per day. It is vital to global crude oil demand. If the current growth rate is maintained, it will be a strong support for oil prices.

As early as 20 years before the signing of the Iran nuclear agreement, Obama imposed the most severe sanctions on Iran. Although Obama had the support of the European Union at the time, it took a lot of time to achieve the goal of reducing Iran’s crude oil exports. In the end, Iran’s oil of about 200,000 barrels per day failed to enter the global market. Now Trump wants to sanction Iran, saying that it is impossible without difficulty. After all, it took so long for Obama to have EU support. This time Trump has lost EU support.

Second, the United States does not have an advantage in terms of the right to speak in energy export and shipping. The huge demand for oil and the share of global crude oil imports determine whoever occupies this energy export market will be able to reduce the cost to the lowest level and thus have a competitive position. At present, if China disagrees, if the United States wants to obtain the right to operate LNG ships, the result is not optimistic.

The US investment bank Jefferies said in a research report published on Friday: Although the United States will actually start sanctions against Iran, it will take 80 days to wait, but we expect Iranian crude oil exports to decline before then. By the end of this year, Iran’s crude oil export scale will decrease by 500,000 barrels/day, and by the first quarter of 209, the cumulative decline is expected to reach 0 million barrels/day.

According to the Venezuelan Constitution, Maduro's term of office will end on 0, 209, and the presidential election should haveRussian crude oil contract pdf been held in February this year. On the 2nd, Venezuela’s Constituent Assembly discussed and passed a resolution to hold presidential elections before April 0 this year, in response to the continuous sanctions launched by Western countries against Venezuela. After repeated consultations, the election date was finally set on May 20.

In fact, Venezuela’s exportable crude oil is already less than 700,000 barrels per day, which means that Venezuela’s domestic situation may deteriorate further, which may lead to the widening gap in Venezuela, forcing OPEC to increase its production target.

According to news from the US Meteorological Department on the 0th, Hurricane Michael made landfall from the coastal area of ​​northern Florida in the United States on the same day with a Category 4 hurricane intensity. The hurricane brought huge storm surges, squally winds and heavy rains, and has caused at least 100,000 users to lose power. As of the day in the U.S. Central Time, Michael’s maximum sustained wind speed was approximately 250 kilometers per hour. His storm center was located at 0 kilometers northwest of Mexico Beach. It would pass through the Florida Corridor in northern Florida that afternoon and then move northeast to the United States. Southeastern region.

At noon on October 26, North American Western Time, the price of WCS crude oil Western Canada Select, the main benchmark for Canadian crude oil, was only $08 per barrel. In the same period, the price of WTI crude oil from West Texas Intermediate in the United States was US$675 per barrel, the price of British Brent crude oil in London Brent was US$770 per barrel, and the price of OPEC crude oil was US$704 per barrel.

An Aton analyst pointed out that Rosneft has completed capacity testing and has the ability to increase crude oil output by 0 million barrels within a few days. The oil department of Gazprom expects that Russia currently has about 500,000 barrels of idle capacity per day. In this regard, Saudi Arabia stated that it has an idle capacity of 50 barrels per day, which can be put into operation within 90 days, but has no intention of maintaining output at this level.