Some people suspect that Saudi Arabia is out of pressure from the United States, because there have been multiple disappearances of journalistsCrude oil spot price historical data in Saudi Arabia. Faced with pressure from public opinion, the United States may impose sanctions on Saudi Arabia. In order to please the United States, Saudi Arabia began to do so, because once OPEC is disintegrated, the global energy hegemony will be in the hands of the United States, and the United States will control global energy prices and trends.
In addition to Iran, another risk factor comes from Venezuela. At present, the Venezuelan crude oil industry is suffering from the domestic economic depression, and there is a serious lack of reproduction funds. After the election, the United States adopted new sanctions. The market predicts that this round of sanctions will bring a further blow to the country's already troubled crude oil industry.
In addition, Iran is being sanctioned by the United States, and it is almost impossible to reduce production. Qatar has announced that it will withdraw from OPEC on January 209, which means that this is the last time Qatar will participate in the OPEC conference. Qatar's withdrawal has made OPEC people distracted and reduced production is even more difficult to achieve.
Prior to this, Iran threatened to block the Strait of Hormuz, the throat of Middle East crude oil exports due to Trump's restart of sanctions. Analysts believe that if Europe fails to come up with a solution before the effective date of US sanctions against Iran on August 6, Iran’s response may not be mild.
Focusing on the Puteh Conference in the daytime will lay the foundation for the future trend of the situation in Syria. At the same time, the United States and Russia, as one of the world's largest oil producers, will have a direct impact on the oil market. In addition, we need to pay attention to Europe's response to the words of the meeting between the United States and Russia, which will have an impact on the entire market.
Saudi Aramco CEO Amin Nasser also emphasized that Saudi Arabia can reach its maximum production capacity of 2 million barrels per day in just three months. If it does increase production bCrude oil spot price historical datay 2 million barrels per day, not only will Saudi Arabia be able to make up for the supply gap left by the United States sanctions Iran, the strategic oil reserves released by the International Energy Agency and the United States will also quickly enter the market.
The bank maintained its view of Brent crude oil at US$60/barrel during the year, but lowered its view on oil distribution next year to US$6/barrel. The view on US WTI crude oil during the year was lowered to US$620/barrel, and next year it is expected to be US$525/barrel.