Iran’s Ministry of Petroleum’s official media quoted Zangane’s speech as saying that no decision will be made at the next OPEC policy meeting. If oil prices keep rising, there is no need to extend the production cut agreement. Zangane also said that the monthly decline in Iranian crude oil and condensate exports is temporary, and is currently 2.5 million barrels per day; Iranian crude oil exports have reboucme crude oil contractnded since the monthly decline.
Representatives attending the OPEC/Non-OPEC Supervisory Committee meeting in Jeddah, Saudi Arabia, said that the rise in oil prices was partly due to global political tensions. The United States mentioned possible sanctions against Venezuela, threats to the Iranian nuclear agreement, and military strikes against Syria.
Expensive oil will trigger an economic recession. Like all commodities, the price of oil is determined by the relationship between supply and demand. When supply exceeds demand, prices fall. When demand exceeds supply, prices will rise.
China Petroleum Network News, June, crude oil prices fluctuated downward continuously. However, according to foreign media reports, OPEC's May crude oil production fell by 70,000 barrels per day. This may give crude oil prices short-term support. Is the oil price bulls expected to come back to life?
I have always said that there is the "Comprehensive Joint Action Plan" JCPOA, that is, the Iran Nuclear Agreement, but we need to add three pillars after 2025. I don’t know what decision President Trump will make on the comprehensive agreement. This is his responsibility, Macron said when asked about the Iran agreement.
According to the OPEC monthly report, in 209, OPEC reduced its daily oucme crude oil contracttput by 797,000 barrels. In terms of total output, monthly OPEC's average daily output was 0.8 million barrels, lower than the 600,000 barrels in February last year.
In the Asian market on Wednesday, June 6, US crude oil rebounded slightly below the $66 mark. The sharp drop in oil prices over the past few days has been somewhat eased. Although the market has been bearish on oil prices, analysts said that this wave of decline in oil prices is a normal correction of an upward trend.