Zanganeh recently said in a speech that if oil prices can maintain the current upward trend, extending the production reduction agreement is not necessary. Iran’s Ministry of PetroleumToday's closing crude oil price’s official media quoted Zangane’s speech as saying: The next OPEC policy meeting will not make any decisions...If oil prices keep rising, there is no need to extend the production cut agreement.
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.
At the Ministry of Foreign Affairs press conference on the 29th, Spokesperson Lu Kang was asked the same question. Lu Kang replied: China has always opposed unilateral sanctions and long-arm jurisdiction. This position is clear and consistent. I would like to reiterate that the normal cooperation between China and Iran under the framework of international law is reasonable, reasonable and legal, and should be respected and upheld.
Data show that as of the week of February 2, US crude oil inventories were 5,048.5 billion barrels, an increase of 580,000 barrels over the previous week. The average daily output of US crude oil stabilized at 700,000 barrels, an increase of 2.08 million barrels over the same period last year. At the same time, Saudi Arabia's crude oil production exceeded 0 million barrels per day, which is the highest output in the country's history. Russia's crude oil production exceeds 400,000 barrels per day, the highest record since the collapse of the Soviet Union.
In addition, EIA data showed that crude oil and gasoline inventories unexpectedly increased, which also exacerbated the correction trend of oil prices. According to the data, crude oil inventories unexpectedly increased by 5.78 million barrels in the week ending May 8, which is an estimated decrease of 570,000 barrels; gasoline inventories increased by 80,000 barrels, which is estimated to decrease by 80,000 barrels; refined oil inventories decreased by 90,000 barrels , Is estimated to decrease by 50,000 barrels; at the same time, domestic crude oil production in the United States increased by 2 million barrels to 0.75 million barrels per day, setting a record high and further approaching the production level of Russia, the world’s largest crude oil producer. Russian production is currently slightly more than 0 million barrels per day.
Kilduff believes that WTI crude oil prices may rise by 0% to around US$95/barrel before this winter. He believes that the main reason is that the United States has resumed sanctions on Iran. Kilduff said that the global market supply is tight, and it is getting tighter. The biggest factor that may currently suffocate the crude oil market is what will happen during the sanctions against Iran. He added: The Iranian crude oil that will bToday's closing crude oil pricee lost will really hurt the market. In my opinion, this will really have an impact and put upward pressure on prices.
Ritterbusch said in an announcement that it appears that some sellers may have postponed selling before the weekend and re-entered the market to sell short after Saudi Arabia met with other Arab oil-producing countries because the meeting did not provide further clues.