At the meeting, the member states disputed over how much to reduce production. According to Goldman Sachs' estimates, in order to reverse the current oversupply of crude oil and the continued decline in oil prices, OPEC needs to cut production by at least 0 million barrels per day. JPMorgan Chase expects to reduce production by at least 500,000 barrels per day. However, among the OPEC member states, only Saudi Arabia can reduce production by more than Future crude oil price forecast100,000 barrels.
However, Wang Xiao further pointed out that at present we are more concerned about whether the drastic changes in the Middle East situation in the future will have an impact on more supplies. The impact of the United States’ withdrawal from the Iran nuclear agreement is by no means confined to Iran alone. More countries are involved. In particular, the escalation of tensions between Middle Eastern countries is expected to boost the crude oil market’s concerns about the risk of supply cuts. Therefore, crude oil prices will give a higher premium to these subsequent changes, and continue to maintain the view that crude oil is strong.
The electric bus that BYD showed at the auto show 7 years ago was regarded as an industry joke, but now electric vehicles are transforming the global transportation industry. With the rise of the traditional fossil fuel demanding country in the electric vehicle industry, the global energy landscape is also being reshaped.
Although crude oil prices failed to gain further support from the Middle East turmoil last week, they closed up to US$656 at one time with the help of the decline in inventories and the cooling of Sino-US trade, which is only one step away from the 70 mark. At the final closing stage, there was still a significant decline in the market. The current oil price stabilized at $68. Previously, China Oil.com had predicted that crude oil prices this week should mainly maintain the 68-69 range. So based on the current crude oil trends, is there room for further increases in oil prices in the future? Earlier, Saudi Arabia even believed that oil prices could return to $00. Can this optimistic view be realized?
Saudi Arabia's economy mainly relies on oil exports, and the drop in oil prices has an important impact on its economy. It is estimated that Saudi Arabia's non-oil revenue next year will be 0 billion riyals and oil revenue will be 662 billion riyals. However, to achieve this goal, Saudi Arabia's crude oil production must be 0.2 million barrels per day, and the oil price must be 80 US dollars per barrel. If oil prices have not risen, Saudi Arabia is likely to face the risk of bankruptcy. In this regard, Saudi Arabia said it would work hard to persuade oil-producing countries to increase production reduction efforts, and called on more countries to reduce production.
Abstract: In an interview with the media a few days ago, the Russian Minister of Energy stated that Russia is ready to increase production. The current US$70-80 is caused by the United States and cannot be sustained. In the long run, the fuFuture crude oil price forecastture oil price may fall to US$50! Why does he say this? What will happen to oil prices in the future?
Brent crude oil futures prices fell by% on Wednesday, September 5, but have continued to rise by more than 5% so far this year. WTI crude oil futures prices fell 6% on Wednesday as the impact of tropical storm Gordon on oil production in the US Gulf of Mexico subsided, but WTI prices have risen by nearly 4% so far this year.
June crude oil futures electronic trading price closed up 0.47 US dollars on Monday, May 4, or 0.66%, to 77 US dollars per barrel. Oil prices rose on Monday as OPEC reported that the global oil oversupply has been basically eliminated, and the discount of US crude oil to the global benchmark Brent crude oil has widened to more than $7, the deepest in five months. At the same time, ICE Brent's June crude oil futures electronic trading price closed up 28 US dollars, or 66%, to 740 US dollars per barrel.
Venezuela is already in a state of collapse. There have been signs that the Maduro regime is fragile, including the attack on Venezuela’s Supreme Court building by mutinous helicopter pilots and a drone attack by President Maduro during a military parade in August this year. In other words, the threat of a military coup in Venezuela has been on the rise for some time.