Monthly historical crude oil prices

Monthly historical crude oil prices

According to the IEA monthly report, global oil demand is expected to increase by 400,000 barrels per day in 209, while Iran and Venezuela’s oil productiMonthly historical crude oil priceson may fall by nearly 0%, and Venezuela and Iran’s production by the end of 209 may decrease by 500,000 barrels per day, 208 and 209 The economic environment in 2009 is still conducive to oil demand, but the risks are increasing. Middle East OPEC countries can increase crude oil production by 0 million barrels per day in a relatively short period of time. If OPEC

Li Yan said: The United States dared to challenge the Middle East because the US shale oil production continued to rise and its dependence on the Middle East decreased. The United States has become an oil-producing country alongside Saudi Arabia and Russia, and is the troika on the supply side. At present, Saudi Arabia does not have sufficient confidence in front of the United States in terms of energy.

Crude oil prices consolidate at a high level around US$7. Due to the sharp increase in API inventories, crude oil price risks are on the downside. At the same time, the continued increase in US crude oil production and the inefficient OPEC production cut are good for boosting. Crude oil prices are expected to break down in the evening.

US light crude oil futures closed up the dollar on Friday to 725 US dollars per barrel, an increase of 6%. The daily high of $77/barrel is the highest level since July. The contract rose nearly 9% this month, but fell 2% this quarter.

Last Sunday, OPEC and non-OPEC oil-producing countries held a meeting in Algeria. The failure of the meeting to reach a consensus on increasing production is an important incentive for the surge in international oil prices. The oil-producing countries ignored US President Trump's remarks for lowering oil prices and did not intend to increase crude oil production immediately.

Volgao also believes that in addition to geopolitics, the reduction in crude oil production is aMonthly historical crude oil priceslso one of the driving forces for rising oil prices. Since last year, OPEC countries and other major oil-producing countries like Russia have cut average daily crude oil production by 800,000 barrels. This is the main period when oil prices and the US dollar do not have a negative relationship. And Malik, an oil analyst at JPMorgan Chase, pointed out that demand for crude oil decoupled from the US dollar is rapidly expanding. This in turn helps to decouple crude oil from the US dollar.

However, the US’s warning was ignored, and the cooperation with Iran was increased. At present, companies account for about 50% of Iran’s oil. Nowadays, they have also built a railway channel from the inland to Tehran, the capital of Iran. Part of the energy transportation can be realized without worrying about the US maritime blockade, which guarantees Iran’s access to oil supply.

As of press time, US crude oil hit a low of nearly two trading days to $652/barrel, the largest intraday drop of 8%; Brent crude oil recorded a low of nearly two trading days to $792/barrel, the largest intraday drop of 2%.

The Rotating Chairman of OPEC of the Organization of Petroleum Exporting Countries and Energy Minister of the United Arab Emirates Suhail Mazrui returned to the United States on the 9th when talking about oil production policy, denying OPEC's responsibility for rising international oil prices.

From last year’s agreement between OPEC countries headed by Saudi Arabia and non-OPEC oil producing countries headed by Russia to reach a production reduction agreement, and now that both Saudi Arabia and Russia have reached a longer oil agreement, it can be seen that both Saudi Arabia and Russia hope to work together to regulate the world. Supply of crude oil and maintain long-term stable oil prices.