Crude oil production in 48 U.S. states

Crude oil production in 48 U.S. states

At present, both Saudi Arabia and Russia have plans for OPEC and allies to increase production to limit the rise in oil prices. After meeting with Saudi Energy Minister Falih last night, Russian Energy Minister Novak said that the two countries support the gradual withdrawal of the production restriction agreement in principle, and OPEC and its allies may agree to gradually increase oil production sCrude oil production in 48 U.S. statestarting from July. OPEC countries and non-OPEC oil-producing countries such as Russia will meet in Vienna on June 22-2 to discuss the need to adjust the production restriction agreement.

At present, today's crude oil price fluctuates in a narrow range around US$62. If the mid-term US elections in the evening meet market expectations, Trump may encounter restrictions, which will increase uncertainty in the financial market. The US dollar index will be suppressed, while crude oil and other commodities prices Will get a strong positive.

Although analysts warned that rising oil prices may have an adverse effect on OPEC, because it will stimulate rival US shale oil producers to increase supply or curb oil demand. The ministerial meeting to be held in Jeddah on April 20 will focus on ways to extend cooperation among oil-producing countries. This may include extending the new inventory target of the production reduction plan and laying the foundation for an alliance that will last for several years. Any suggestions made this week must be approved at the June plenary meeting.

In the past two years, Venezuela's oil output has fallen by half. Considering the local hyperinflation and economic crisis, whether the oil can be delivered on time is still a big problem. It is expected that local oil output will decline further. In Angola, due to the drop in reservoir pressure, the natural production of all oil fields will gradually decrease over time, and Angola's high-cost deep-water operation and maintenance costs also restrict the enthusiasm for oil exploitation. Although the southern region of Iraq has abundant reserves, local people express dissatisfaction with the poor public services provided by the government. Although living in the heart of the oil industry, residents of Basra and southern Iraq are still the poorest in the country.

Weekly international crude oil prices opened higher and lowered. Under Trump's pressure, Saudi Arabia lowered the price of some grades of crude oil. Iran believes that Trump's Twitter comments are to blame for high oil prices. The EIA data released last night put pressure on oil prices. As of the close, U.S. oil futures closed down 6% at US$72 per barrel; Bulk Oil futures closed down 0.79% at US$754 per barrel.

At present, Russia's intention to increase production is ready to move. Even though Iraq and Iran, OPEC's second and third largest oil producers, have stressed their opposition to increasing production, Russia and Saudi Arabia are still committed to pushing OPEC and its allies to substantially increase crude oil production from next month. , To meet the gCrude oil production in 48 U.S. statesrowing market demand, and to make up for the vacancy of the interrupted crude oil supply in Venezuela and Libya.

However, the bank's outlook for the oil market is still much optimistic than before. The oil industry is still implementing certain capital disciplines, coupled with investment delays, will lead to a reduction in upstream output. Coupled with supply shortages in several major oil-producing countries, Barclays estimates that by 2025, this will translate into close to 2.5 million barrels of crude oil exiting the market every day, which will push Brent oil prices to $85 per barrel.

In 207, there were about 50,000 electric vehicles in the world, of which electric vehicles accounted for 99%, and the number was 7% of the total number of domestic vehicles. According to Bloomberg New Energy Finance, 9,500 zero-emission vehicles will be added every five weeks, which will undoubtedly begin to significantly reduce the demand for fuel.

This means that before the OPEC meeting on February 6th, senior officials and key decision makers of the world's two largest crude oil exporters will meet in advance. In the context of the continued plummet of crude oil prices, will they talk about the production cut plan to maintain oil prices? This requires investors to focus on.

Talks has calculated the monthly WTI crude oil market performance for the past 8 years since 2000 and found that the probability of crude oil rising in July was 666%, and the probability of rising was the second highest in the whole year. Unexpectedly, the average rise and fall was only -0.0