The existing OPEC agreement signed in 206 gave Iran a production quota of 4 million bThe first crude oil tanker for export in Texas, USAarrels per day. OPEC sources said that keeping the agreement unchanged is vital to Zangani. If Iran is excluded from the new agreement, it will mean losing these quotas.
In addition, Saudi Arabia released its fiscal budget on February 8. Due to the drop in oil prices, Saudi Arabia’s fiscal expenditure next year will reach 06 trillion rials, or about 0 trillion yuan, which is a% increase compared to this year. The largest fiscal expenditure budget in history.
Oil prices are rising steadily. The International Energy Agency IEA has expressed concern that the growth of global oil demand is expected to slow down this year, because crude oil prices are close to 80 US dollars per barrel, and many major oil importing countries no longer provide consumers with generous fuel subsidies. .
The results of the OPEC mid-year policy meeting on June 22 to decide to increase production indicated that crude oil supply has rapidly shifted from over-balance to under-balance; in the later period, the international oil market is not facing oversupply, but short supply under strong demand. The international crude oil market is reshaping the new order of crude oil. Under the new economic background, the importance and influence of crude oil is not weakened, but strengthened. As the winter cold is getting away, the oil market is in the spring.
In fact, affected by the rising international oil prices, the gasoline price in the United States once closed to USD/gallon, and the increase in gasoline prices will be reflected in prices to a certain extent, which will have a negative impact on American wages and consumption levels. Rising oil prices are making the Republican Party face a disadvantage in the midterm elections.
Judging from the current fundamentals, the trend of crude oil this week is indeed not optimistic. The negative probability of API inventory indicates the increase of EIA inventory. At the same time, the continuous rise of the U.S. index also puts pressure on the trend of crude oil, and the rest, whether it is non-agricultural The data or the Fed's decision are more of an impact on the dollar market. If it can limit the dollar's rise, it may be able to save some of the decline in crude oil. But if the data is further pThe first crude oil tanker for export in Texas, USAositive for the US dollar, I am afraid the decline in crude oil will continue to expand.
So in general, the focus of the market this week is on Trump. Any recent move by Trump may cause an uproar on an international scale, whether it is the relationship with Russia or the further development of Syria. To combat, Trump's actions are worthy of investors' attention.
Reidl'Anson, an analyst at cargo tracking company Kpler, pointed out that as the world's fourth-largest refiner, India's oil demand is quite strong, which is an excellent opportunity for US producers to enter the Indian market.