Crude oil prices stood at $80 again on Wednesday May 2. At 24:00 on May 25, the retail price limit ofCurrent crude oil market domestic refined oil products will again meet the price adjustment window. This round of refined oil retail price limits ushered in five consecutive rises, which can be said to be no suspense.
India has already obtained some favorable credit conditions early in the implementation of Iran’s sanctions. If India continues to import Iran, India may seek these benefits again. The country has tried to restore the rupee settlement mechanism for Iranian oil imports.
According to the latest OPEC monthly report from the Organization of Petroleum Exporting Countries, monthly OPEC crude oil production fell by 204,000 barrels/day to 960,000 barrels/day, the lowest level in a year, as Venezuelan crude oil production continued to decline, a decrease of 50,000 barrels/day from February . Saudi Arabia also further cut 690,000 barrels per day based on February, while production in Angola and Libya also fell sharply. However, monthly production in the UAE increased by 490,000 barrels per day from the previous month. On the demand side, OPEC raised the growth rate of global crude oil demand in 208 by 10,000 barrels per day to 60,000 barrels per day. OPEC said that global crude oil demand in 208 has now reached 98.7 million barrels per day. By the fourth quarter, we are expected to see crude oil demand surpassing the historic mark of 100 million barrels per day. In addition, OECD crude oil inventories are also continuing to decline, and are currently 4 million barrels short of the 5-year average target.
Trump hopes to reduce Iran’s oil exports to zero by the month, and encourages OPEC members led by Saudi Arabia and non-OPEC oil-producing countries such as Russia to increase production in response to shortages. Russia and Saudi Arabia claim that they seek to balance the global oil market, but they are trying to take over a share of Iran.
The recent situation in the Middle East has become the key to the crude oil market. However, this round of market outbreaks may not usher in a real outbreak in May. However, before then, crude oil prices may usher in an unexpected benefit. This benefit comes from OPEC. While the decline in Venezuelan crude oil output has aroused market concern, problems are spreading quietly in another OPEC country.
Just as the hearings on the US plan to impose tariffs on US$200 billion worth of goods were held in Washington, thCurrent crude oil markete second round of the US’s decision to impose 25% tariffs on US$6 billion worth of goods prompted a response to US goods. The countermeasures were officially implemented.
Trading species: West Texas low-sulfur light crude oil. In 1998, NYMEX launched the world's first crude oil futures contract-light crude oil futures contract. Because it is based on the famous West Texas Intermediate crude oil in the United States as the main transaction subject, it is called the West Texas Intermediate Crude Oil WTI contract.
This is due to the serious shortage of oil storage space in the United States. According to Reuters, the oil storage space of the Strategic Crude Oil Reserve Base under the U.S. Department of Energy can store up to about 5 billion barrels of crude oil, and currently has reserves of about 400 million barrels of crude oil.