Putin said that we have not received any information from our Saudi partners or any other OPEC member states that they are ready to withdraw from Crude Oil Analysis You Tubethe agreement. I don't know how the world energy market will respond to the strengthening of sanctions on Iran.
However, in addition to the negative effects of EIA data on crude oil overnight, the production increase statements made by several Middle Eastern countries have also become a key force in depressing oil prices. The current situation in the Middle East has become very chaotic after the United States tore up the Iran nuclear agreement. The Venezuelan sanctions will trigger a huge crude oil supply gap in the Middle East. This means that if the United States does not want to occupy this market, the oil-producing countries in the Middle East must increase production to fill this gap. Earlier, the market began to worry that OPEC may end the production reduction agreement early, and Russia, which is also cutting production, has not completed its production reduction target in recent months. Instead, oil production is showing signs of rising.
After the federal government announced the acquisition of the Trans-Mountain Oil Pipeline Project, the aborigines filed a complaint against the federal government in Canada. On August 0, the appeal ruled that the indigenous people won the case, requesting the federal government and related parties to continue to improve the environmental assessment.
Therefore, it can be seen from this that the United States will suddenly produce oil wildly this year. In fact, it is very likely that Trump’s plan is to suppress the rebound in crude oil prices. Some time ago, Trump also made it clear that the current crude oil prices are indeed Too high. So why does Trump intend to cause chaos in the Middle East when he knows that oil prices are too high? Doesn't Trump know that oil prices will rise in the Middle East?
BP data highlights the important role that oil prices and changes in consumption in developed economies play in balancing the market. Income and economic growth often have a greater impact on oil consumption in fast-developing non-OECD economies.
Gibbs pointed out that higher oil prices will continue to boost global inflation, which to a certain extent may make the central bank maintain a more hawkish stance. Considering that the demand for crude oil will continue to rise in Crude Oil Analysis You Tubethe future, the recent increase in oil prices may be sustainable.
From a macro perspective, Liu Yanyi said that the US government may have certain demands for stronger oil prices. The continued upward trend of oil prices will push up inflation expectations, giving the Fed more options for monetary policy. In addition, Trump is facing pressure from the mid-term elections and may need higher oil prices to stimulate the US economy, and it is also conducive to the rise of market risk appetite.
As the OPEC strategy led by Saudi Arabia has gradually eliminated the global oversupply, oil prices have rebounded by more than 70% from the 2-year low reached at the beginning of this year. Falih claimed in June that the global oversupply has ended. The International Energy Agency (IEA) also expressed the same view on June 4, believing that the advantage will reach a balance between supply and demand in the second half of 206.