On the other hand, OPEC member states announced in the first two days that they would officially withdraw from OPEC on January 209, in order to better develop natural gas. The news of QExercise of crude oil contractsatar's exit made the crude oil market more worried, and oil prices rose for a while.
Russia’s oil production has reached 420,000 barrels per day since the beginning of February, a record high, which is higher than the average level of 40,000 barrels per day in October. Russian Energy Minister Novak said that Russia’s 208 oil production is expected to reach 5.6 billion tons. As for the output of oil and condensate, we estimate that it will reach 5.6 billion tons by the end of the year, an increase of about 10 million tons over last year.
Crude oil prices fell on June 9th on Tuesday. As of Beijing time: 42, US crude oil fell 0.4 US dollars or 0.62% to 628 US dollars per barrel; Brent crude oil fell 0.46 US dollars or 0.6% to 788 US dollars per barrel. Because the market expects OPEC and its main allies to gradually increase production. Regarding the trend of international oil prices, analysts pointed out that from a technical perspective, US crude oil may fall to $64 per barrel; Brent crude oil futures are expected to retest the $75 support level.
In the early hours of Wednesday morning, Trump officially announced his withdrawal from the Iran nuclear agreement, which kicked off the chaotic situation in the Middle East. However, Iran temporarily endured the humiliation and said that it would stay in the Iran nuclear agreement to give the market a glimmer of hope, although things will not evolve into the Middle East for the time being. Nuclear weapons race, but at least in terms of crude oil, the current situation is enough to give a strong boost to the trend of crude oil. With the upcoming US sanctions, the market's concerns about the supply of crude oil in the Middle East have ushered in a continuous surge in crude oil prices. Coupled with the sharp reduction in API and EIA stocks this week, crude oil prices are constantly breaking through previous highs. Some experts predict that the outbreak of the Middle East market will at least bring a $0 increase in crude oil prices. Perhaps this May, crude oil prices will not only stabilize at $70, but also look ahead to the 80 mark.
When the variety market is nearing the bottom area, investors should take a patient attitude towards some irrational drops in the market. The law of history shows that the plunge market that can really scare investors generally lasts not long and can be very fast. Form a staged bottom. Therefore, the more at this time, the more patience investors have to wait.
Shanxi Securities analyst Cao Lingyan pointed out that U.S. crude oil production has riExercise of crude oil contractssen to a record level. The increase in output has enabled the United States to increase its supply of crude oil to the European market, which to some extent squeezed out Russian crude oil’s share in Europe. If Russia lifts its production reduction agreement, Oil production will increase to the level before the production reduction agreement took effect, and oil prices may have room for further fall in the future.