Iranian President Rouhani said that the United States cannot be truBan us crude oilsted. Iran has always believed in diplomacy. Trump's call for direct dialogue is intended to increase internal division in Iran. The United States must prove its willingness to solve the problem through dialogue. At the same time, Rouhani said that Iran seeks to strengthen relations with Asian countries. According to Twitter, Rouhani said that Iranian oil representatives will soon be sent to various countries.
As of the close of the month on the 25th, WTI oil prices reported $569/barrel, down 0.72% in a week, giving up last week’s gains. It is expected that the price adjustment of refined oil products will be reduced on the 28th. Brent oil price was reported at $664/barrel, down 77% in a week.
On May 0, Reuters quoted sources as reporting that Saudi Arabia and Russia are discussing increasing the daily oil production of OPEC and non-OPEC member countries by approximately 0 million barrels. OPEC Secretary General Barkindo Mohammad
When the market focused on the possibility of OPEC's production increase and US oil production reaching new highs, the analysis pointed out that the real downside risk of oil prices is on the demand side. The United States provoked a trade war and major countries around the world counterattack, which will disrupt trade, affect the economy, and curb demand for crude oil. Trump's supporter, the US oil and gas industry, has lodged a solemn protest.
Data show that US refined oil inventories increased by 640,000 barrels, and recorded a decline for seven consecutive weeks before increasing again, and the largest increase in six weeks in the week of February 9th, the market is expected to decrease by 250,000 barrels. U.S. gasoline inventories increased by 540,000 barrels, and the market estimated a decrease of 80,000 barrels. US crude oil imports fell by 580,000 barrels per day to 760,000 barrels per day last week. US crude oil exports increased by 40,000 barrels per day to 290,000 barrels per day last week. EIA data shows that the refinery capacity utilization rate climbed from last week to 99%.
ConocoPhillips recently sued Venezuela's PBan us crude oiletroleum Corporation and obtained the ownership of Venezuelan Petroleum's storage, processing, and mixing facilities in the Caribbean. These facilities are worth US$2 billion, which will further hit Venezuela's crude oil production.
At the S&P Global Platts Annual Crude Oil Summit held in London on Tuesday, Currie stated that everyone is pessimistic about OPEC’s increase in production by 1 million barrels per day, but the fact is that the crude oil market needs these 0 million barrels of crude oil. This is a reality. Forced, otherwise the oil market will be a crisis.