Crude oil contract

Crude oil contract

For example, India has notified oil refinCrude oil contracteries that it will no longer provide euro payment channels after the 4th. Although India may still do some side-kick actions at the moment, it is urgent to find alternative suppliers. Japanese shipping companies have informed customers that they may no longer transport Iranian crude oil after September. South Korea withdrew from the ranks of Iran's top buyers of refined oil. Trump once threatened to do business with the United States and Iran to choose one side. This is the main reason why the big buyers in the past have abandoned the Iranian energy market.

On the other hand, Iran’s sanctions, Venezuela’s fatigue of repairing its domestic economy, and OPEC+’s uncertainty about whether it will increase production, and other factors have exacerbated market concerns about supply shortages, which have supported oil prices to a certain extent. However, the rapid increase in shale oil production in the United States may crush the last pillar of oil prices.

According to Reuters, Sechin, the president of Russia's largest oil company Rosneft, sent a letter to Putin to pressure Putin to withdraw from the production reduction agreement. Because: Saudi Arabia and the Persian Gulf allies support the establishment of a formal partnership with the Russia-led Group of 0 countries in an attempt to manage the global crude oil market, but Sechin does not believe that OPEC has the ability to manage the crude oil market; the production reduction agreement has created opportunities for the United States to allow US oil companies have increased their market share, which is a threat to the development of the Russian oil industry.

Of the world’s two largest crude oil producing countries, five have entered a period of full decline. Six of the top four largest oil fields in the world’s 20 largest crude oil production have fallen from their peak production, and time is on the side of crude oil. With the passage of time, the stock of crude oil, especially low-cost crude oil, has become less and less. This means that the cost of crude oil production will rise rigidly in the long run.

Secondly, the price difference between Brent-WTI crude oil is used as an indicator to measure the tightening of the oil market. The widening of the price difference between the two indicates that global supply and demand may have reached a tight balance, which supports stronger Brent oil prices and indicates that oil prices will still be in the future. Will go higher.

In fact, oil prices that are too high or too low are not good news for the long-term development of major oil-producing countries. Too low oil prices may put huge prCrude oil contractessure on the fiscal revenues of countries that rely on crude oil exports, while excessive prices may stimulate the development of alternative or clean energy sources. Birol believes that high oil prices are not in the interests of crude oil importing countries. At the same time, long-term high oil prices are not good for crude oil exporting countries. He hopes that oil prices can be determined by the market.

As of press time, the rate of change of comprehensive crude oil varieties is negative 2%. Many professional organizations predict that the oil price may drop around 55 yuan per ton, which translates to a price increase of 0.04 yuan for 89 gasoline, 0.04 yuan for 92 gasoline, and 0.05 yuan for 0 diesel. If the downward adjustment is calculated at 55 yuan/ton, consumers will be able to save two yuan for a full tank of fuel, and travel costs can be slightly reduced.