Last week, the U.S. dollar ended its rally and there was a significant fall. The U.S. index once fell to the 920 line on Monday, but in the end there was a wave of reverse pull-ups. Not only did it recCrude oil spot marketover the intraday decline, the U.S. index also returned to 970. On the first line, this round of bottoming seems to indicate the bottom of the U.S. index's downtrend, but various indicators show that the U.S. index will continue to fall in the short term. If the U.S. index breaks down further, it will also be for crude oil prices. Will make a strong bottom support.
Analysts pointed out that as demand continues to grow and peaks in the mid-1990s, the oil industry must find new oil with higher prices to offset the decline in the increasingly mature asset base. In order to balance the long-term market, more and more people rely on OPEC to continue to exploit its existing oil reserves. They also pointed out that as the market's dependence on OPEC intensifies, the importance of geopolitical risks as a key determinant of supply and oil prices is also rising.
However, Tibet is not the highest oil price in our country. The area with the highest oil price is Hainan. Many people should be wondering, is there a high transportation cost in Hainan? Of course not. In fact, high oil prices are not only reflected in transportation costs, but local labor is also a big factor. As a major tourist province, Hainan is not low in artificial nature.
Baker Hughes data on the 8th showed that the number of active oil wells in the United States decreased by 9 to 84, a weekly decline and the lowest in nearly 0 months. More data shows that the total number of active oil and gas wells in the United States fell to 027 in the week ended August 8.
Therefore, OPEC member countries may begin to change the goal of returning oil inventories to the 5-year average level and re-evaluate. Now, they seem to want to continue cutting production until investment in new upstream projects picks up.
At the same time, OPEC lowered its 209 demand growth forecast to 50,000 barrels per day to 240,000 barrels per day. The average OPEC crude oil deCrude oil spot marketmand in 209 is expected to be 0.59 million barrels per day, compared with the previous forecast of 0.8 million barrels per day.