Brent Crude Oil Market

Brent Crude Oil Market

According to BBC reports, British Foreign Secretary Boris has set off for Washington for a two-day visit to the United States. According to the report, Boris's trip is aimed at urging Trump not to destroy the international agreement that prevents Iran from acquiring nuclear weapons. Recently, French President Macron stated that if Trump chooses to withdraw froBrent Crude Oil Marketm the Iran nuclear agreement, war may follow. Iranian President Rouhani also said on the 6th that no matter what decision Trump makes, he has countermeasures, but if the United States decides to withdraw from the agreement, he will regret it.

Iran’s oil exports have been declining throughout the year, falling to the lowest level in four months in July and beginning to plummet in August. In the first half of August, Iran’s oil exports fell by 600,000 barrels per day, from 220,000 barrels per day to 680,000 barrels per day. South Korea has suspended imports of Iranian crude oil since July. Nikkei said that Japan is considering stopping imports of Iranian crude oil as early as 0 months.

According to the monitoring data of Zhuochuang Information, as of August 6, in terms of gasoline profit, the theoretical profit of 92# gasoline of the three-barrel oil sales company was 289 yuan/ton, and the theoretical profit of 92# gasoline of the local refinery was 828 yuan/ton. In terms of diesel profit, the theoretical profit of 0# diesel of the three-barrel oil sales company is 90 yuan/ton, and the theoretical profit of 0# diesel of the local refinery is 84 yuan/ton. Analyst Zhang Zhaoxin believes that in the case of a small increase in retail price limits, it is expected that the price gap between domestic and local refineries for refined oil products will continue to narrow next week.

OPEC’s latest monthly report released on the 4th stated that OPEC’s oil-producing countries’ production cuts are still higher than the agreement requirements. According to data collected by OPEC from third parties, the average daily output of OPEC in April increased by only 20,000 barrels to 90,000 barrels. This is about 800,000 barrels lower than OPEC's forecast for this year's global demand for its daily oil.

Russian media claimed that the United States was really helpless in doing so. Although the export volume of Iranian crude oil has dropped a lot, its export volume has remained at the level of 60 million barrels, and the import of Iranian crude oil has been further increased. Although the aforementioned countries have stopped or reduced their imports of Iranian crude oil, in fact these countries are very dependent on Iranian crude oil. Stopping the import of Iranian crude oil means that the price of oil in these countries will rise. While these countries are importing large quantities of Iranian crude oil at low prices while oil prices are rising, these allies of the United States will inevitably be dissatisfied. Therefore, the United States has only issued a list of exemptions. After all, it will not listen to Trump's words to reduce imports of Iranian crude oil.

Trump will impose tariffs on steel and aluminum in Canada, Mexico and the European Union. Metal tariffs will take effect at midnight Washington time at 2 o'clock Friday Beijing time. As the Trump administration is also consideringBrent Crude Oil Market imposing tariffs on imported cars and $50 billion in imported goods, concerns about the outbreak of a global trade war are growing. The IMF warned that the wave of trade protectionism is the biggest risk to the global economic outlook. Roberto, Director-General of the World Trade Organization

Trump's repeated pressure has made OPEC intolerable. According to reports, OPEC's legal team is negotiating on the aforementioned NOPEC anti-oil production and export cartel law proposal. OPEC is discussing with lawyers to prepare for the court. The law firms involved include White, a top law firm headquartered in New York with a history of hundreds of years.