Crude oil price news

Crude oil price news

At 24:00 on August 6, the retail price Crude oil price newsof domestic refined oil ushered in an upward adjustment, and domestic refined oil prices rose sharply. However, after August 6, the domestic refined oil market prices rose steadily and did not form a continuous upward trend.

Saudi Arabia and Russia will take the opportunity of the opening match of the World Cup on June 4 this Thursday to meet in Moscow to discuss crude oil policy. Russian President Putin will meet Saudi Crown Prince Salman, Energy Minister Novak and Falih. However, the person familiar with the matter declined to say whether the two sides will discuss Russia's latest production increase proposal.

Most OPEC members firmly oppose the increase in production, mainly because these countries do not have enough capacity to increase production in a short time. Venezuela’s production has entered a death spiral for as long as six months, while Iran may see a sharp drop in crude oil exports due to US sanctions. Production in Mexico and Angola has also been declining. Apart from Russia and Saudi Arabia, only Kuwait, the UAE, and Iraq may be able to achieve a significant increase in production. At the same time, Iraq already has objections to the increase.

The price of refined oil experienced a second consecutive decline on the 6th. The price of gasoline was reduced by 50 yuan/ton, the price of diesel was reduced by 490 yuan/ton, which was equivalent to a reduction of 0.40 yuan/liter for No. 92 gasoline and 0.42 yuan for No. 0 diesel. Yuan/liter. So far, during the year, refined oil products experienced a total of rises, 8 falls, and strands.

Croft also believes that OPEC will proceed with caution, and oil production will rise at a rate of 500,000 barrels per day. She also believes that OPEC will release a strong will to take further action, but will remain vigilant about the tensions before the meeting.

In recent years, due to the long-term downturn in international crude oil prices, Venezuela, a major oil producer, has sufferedCrude oil price news a sharp decline in income, coupled with economic and financial sanctions in Europe and the United States, the country’s economy has continued to decline; at the same time, the left-wing government led by Maduro accused Western countries of colluding The domestic right-wing opposition launched an economic war, dragging Venezuela into the current predicament.

In general, after Trump's uproar in the Middle East, he ignited the fuse of many dangerous factors, what will happen to Iran, what will happen to Venezuela, what will happen to Syria, and whether Israel and Saudi Arabia will help the United States on fire? Pour oil? These are all disturbing factors that will have a huge impact on the Middle East in the future. And the probability of occurrence is huge. As long as the Middle East does not calm down, the crude oil market may be able to maintain a stable bullish trend.

It is insisted that the Fed will raise interest rates three more times during the year, which will be carried out in June, September and February respectively, and that it is expected to raise interest rates twice in 209, which will be carried out in June and June respectively. When the June resolution announced the latest economic expectations, rising inflationary pressures will dominate the Fed’s median expectations for the path of interest rates, suggesting that it will raise interest rates four times throughout 208.