In this regard, Rouhani said in a televised speech on Wednesday that the United States will pay a heavy price for its actions. He promised the people thaCrude oil contract delivery datet the government is capable of responding to the economic pressure brought about by US sanctions, and said that the United States is fighting a psychological, economic, and political war.
Earlier this month, Bank of America Merrill Lynch said that although trade issues are the main downside risk to oil demand, it is still more concerned about sanctions on Iran. The price of Brent crude oil will rise by about $7 for every reduction of 0 million barrels per day in crude oil.
So far, some of the larger emerging market countries that will give market subsidies when such situations arise have still chosen this response this time, but compared to when oil prices soared to record levels a decade ago, This time the subsidy has weakened. Although granting market subsidies will bring financial pressure, it can alleviate the blow of high oil prices to crude oil demand.
Russia also stated that Russia condemns any actions that bypass the UN Security Council's decision to impose unilateral sanctions. Russia emphasized that since the Iranian nuclear agreement came into effect, the International Atomic Energy Agency has conducted comprehensive inspections of Iranian related facilities in accordance with regulations on many occasions, and the results confirmed that Iran has fulfilled the agreement, which shows the effectiveness of the agreement.
As of press time, the U.S. WTI crude oil price is reported to be US$508/barrel, a slight increase of US$0.8, an increase of 0.%. The price of Brent crude oil reported 684 US dollars, up 0.2 US dollars, or 0.6%.
The bottleneck of shale oil production increase is now: the increase of shale oil production is mainly concentrated in the Permian area, and the other three blocks hardly increase. However, although U.S. oil prices have also risen sharply this year, Midland's price increase reflecting Permian prices is not obvious. The corresponding price difference with WTI has approached USD/barrel. The reason behind this is that pipeline transportation is close to being fully negative and can only be changed to Higher-cost truckingCrude oil contract delivery date. Looking forward to next year's capacity bottleneck will be more serious, which will further restrict Permian's expansion speed. Moreover, the United States is now close to full employment. No matter the labor, oil service capacity, and transportation capacity are restricting the growth of shale oil production, this is also the fundamental reason for the large increase in DUC's uncompleted wells. More critically, the current oil price has broken through the upper cost limit of almost all shale oil blocks. Theoretically, the maximum release capacity of production capacity can be reflected this year. The marginal impact of future oil price increases on production will be very limited. With the structural upward shift of shale oil cost center and the over-development of high-quality core areas, the long-term increase in production elasticity is even less optimistic. It is expected that the limit of increase will hardly exceed 600,000 barrels per day per year.
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Canada is the world's three largest crude oil reserve country, and crude oil production reached its peak in 208. In order to eliminate the oversupply of production, Canada reduced the number of drilling rigs. At present, only 80 drilling rigs have been opened in Canada, and the level of activity is equivalent to that of 206 years. In contrast, during the same period in 208, the number of rigs in Canada is climbing to a more stable February peak of 48.