To sum up, the most likely result is that the proletarians oppose but are unable to prevent Saudi Arabia and Russia from increasing productioCrude oil prices fall todayn. But such an outcome will undoubtedly increase tensions in the Middle East and reduce idle production capacity for supply disruptions.
Bloomberg last week quoted data from cargo tracking and intelligence company Kepler Kpler that it purchased 580,000 barrels of Canadian heavy crude oil in September, an increase of nearly 50% from the 0.5 million barrels imported from Canada in April.
Trump is very dissatisfied with rising oil prices. Rising oil prices mean that the cost of living of the American people will increase. It also means that the Democratic Party can use this reason to blame Trump. As the midterm elections in the United States are approaching, Trump must find a way to lower oil prices in order to get more votes. However, the rise in oil prices this year made him very angry. He believed that OPEC deliberately raised oil prices. After April, almost every month he would post several tweets to criticize OPEC and ask OPEC to lower oil prices.
The situation in Iran has caused huge fluctuations in international oil prices. Take the oil price on the 6th, for example, Brent crude oil rose to 70.66 US dollars per barrel on that day, and then fell back in a short-term. As of closing, it had a 0.45% increase and closed at 69 per barrel. Dollar.
In addition, although Iran's oil exports have plummeted due to US energy sanctions, the sanctions expired in April, and Iran is also circumventing US energy sanctions to increase oil exports through multiple channels, such as RMB settlement instead of the US dollar settlement system. .
After Trump announced his withdrawal from the Iran nuclear agreement, US crude oil futures and Brent crude oil futures both opened up and moved higher. After hitting a three-and-a-half-year high on Wednesday, they continued to attack, and the current increases have reached 0.79% and 0.69% resCrude oil prices fall todaypectively. , Quotations are 77 US dollars / barrel and 774 US dollars / barrel.
Kerry explained that: global crude oil demand is rising, especially the demand outlook, which will bring unexpected surprises to the market. In addition, production investment in the oil industry has also shifted from long-term investment to short-term investment. From now until the end of this economic cycle, I will firmly increase crude oil.
Iran is OPEC's major oil producer. Once crude oil exports are greatly reduced, there will be a big gap in international crude oil supply. Experts pointed out that if Iran loses more than 1 million barrels of international export supply capacity, oil prices may jump by more than $5.
The U.S. Energy Information Administration EIA released data last Wednesday, showing that as of the week of June 5, the U.S. commercial crude oil depot decreased by 5.94 million barrels to 2652.7 billion barrels, the largest drop in the year. Crude oil inventories in the Cushing area fell by 260,000 barrels to 2.606 million barrels. Gasoline inventories increased by 270,000 barrels to 404 billion barrels. Distillate stocks increased by 2.75 million barrels to 740.8 billion barrels.
The 44th G7 summit in Zhou 208 will be held in Charlevoix, a resort in Quebec, Canada. As the United States has frequently waved tariff sticks to its trading partners recently, Trump may become lonely at this summit and may even be under siege by leaders of other countries.