The IEA estimates that non-OEPC production in 208 will increase by 800,000 barrels per day, more than double the 700,000 barrels per day in 207. Both the U.S. Energy Information Administration EIA and OPEC have predicted that U.S. crude oil production will exceed 10 million barrels per day this year. Today IEA also made the same prediction. On the demand side, the IEA expects non-global crude oil demand to increase by 500,000 barrels per day, whicAnalysis of crude oil by ion exchange chromatographyh is consistent with last month’s expectations. IEA pointed out that due to the healthy recovery of the global economy, international oil prices have risen by 55% since June, and rising oil prices may limit demand growth to a certain extent.
Libya's crude oil production continues to decline, as the two major crude oil terminals have suspended exports due to force majeure. The country's crude oil production has now fallen by approximately 850,000 barrels per day. The Canadian crude oil supply has also been reduced by 60,000 barrels per day due to power failures. This situation is expected to continue throughout July, helping the US crude oil inventories to continue to decline.
Wen Jun reminds: The crude oil market's oversupply concerns have formed a hedge against Iran's sanctions, and today's oil prices lack strong benefits. At the same time, from a technical point of view, today's oil price has continued to weaken after entering 0 months, and the recent expansion of the decline has repeatedly hit new lows. In addition, the Bank of England's resolution will be announced in the evening, and the exchange rate of pound to dollar may further affect the trend of crude oil prices today.
In a letter to Kim Jong Il issued on Thursday, Trump accused the Karma dictatorship of extreme anger and open hostility before the meeting. The summit was originally scheduled to be held in Singapore on June 2. This will be the first face-to-face meeting between a current US president and a North Korean leader.
Aspects market strategist Yasser El Jondi said that Saudi Arabia will remain vigilant and will not react ahead of the fundamentals. If there is a supply disorder in the market and a sharp drop in inventory, OPEC and Russia will Take action.
Iran and Iraq began to exchange crude oil on the basis of the CIF price agreement. The KAnalysis of crude oil by ion exchange chromatographyirkuk oil field in northern Iraq delivers 10,000 to 60,000 barrels of crude oil to Iran every day. In exchange, Iran delivers crude oil of the same value to ports in the Gulf region of southern Iraq.
However, Saudi Arabia, Kuwait, and Iraq have discussed joint exploitation of Gulf oil and have already begun action on Iran's production quota. Currently, Kuwait, Saudi Arabia and Iraq account for two-thirds of OPEC's total output.