The production reduction agreement between OPEC and non-OPEC successfully balanced the oil market. The IEA pointed out that as nearly half of the worlAnalysis of crude oil by ion exchange chromatographyd's oil supply is restricted, coupled with the steady growth of oil demand, this has a huge impact on oil inventories.
However, there is news that nearly a quarter of the country’s crude oil production has been shut down due to the attack on Libya’s ports, which may help support oil prices. Libya's state-owned oil company said on Thursday that the recent attacks on two ports in eastern Libya have shut down a quarter of the country's crude oil production of about 240,000 barrels per day, and the tanker loading plan has been delayed.
Ole Hansen, Head of Commodity Strategy at Saxo Bank of Denmark, said: If Trump abolishes the agreement, he will take the risk of a surge in global oil prices. The resumption of sanctions by the United States may damage Iran’s ability to trade in dollars.
In addition, gasoline inventories decreased by 280,000 barrels, which is expected to decrease by 207,000 barrels. Refined oil inventories decreased by 10,000 barrels, which is expected to increase by 400,000 barrels. After the data was released, U.S. oil rose by about US dollar in the short term. As of now, U.S. oil is currently reported at $645/barrel, an increase of 0.22%; Brent crude oil is currently reported at $704/barrel, an increase of 0.85%. While the supply of crude oil fell sharply, crude oil imports fell by 2.58 million barrels per day, while daily crude oil exports increased by 2.22 million barrels.
At present, various possible response measures are proposed within the EU. The European Union stated that it would urge the United States to exempt European companies from imposing new sanctions on Iran. At the same time, the European Union emphasized strengthening the economic sovereignty of the group and adopting more independent financial means to resist the United States sanctions. Experts from the European Union and Iran are intensively negotiating to study ways to ensure business links with Iran, and provide alternatives to dollar financing, such as using the European Investment Bank, or arranging bilateral sovereign credit lines with Tehran, and formulating euro-denominated Iranian export financing projects.
Both U.S. oil and Bursa oil recently broke through the $50/barrel mark, and when U.S. oil broke thrAnalysis of crude oil by ion exchange chromatographyough this mark, the Gubi Composite Moving Average indicator GMMA first gave a signal and was subsequently confirmed. This indicator also shows that oil prices will still continue in the future. Continue to rise, this trend change in the oil market is also extremely critical. The oil price fluctuated for a long time near the level of 8 US dollars/barrel before, and then bottomed out and rebounded. It encountered resistance at the price of 48 US dollars/barrel, and the next target price of oil prices was about 58 US dollars/barrel.