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= brr: ), , , Song Dynasty Beijing time on Wednesday (July 2): Data released by the U.S. Energy Information Administration showed that crude oil inventories decreased by 0.0 million barrels in the week ending March 2, recording declines for five consecutive weeks.
After the data was released, U.S. oil prices fell rapidly in the short term and then rose.
brr: ) , , , Zero Hedge, a well-known financial blog in Song Dynasty, commented that after the unexpected drop, although crude oil inventory data was better than expected, the decline was not as large as the database. The increase in crude oil inventories in Xin area was greater than expected and data, but gasoline inventories Although the increase in crude oil production was modest, it was still around 10,000 barrels per day. After the data was released, U.S. oil suffered a short-term decline, rather than breaking through the dollar mark.
brr: ) , , , Song Dynasty inventory data sets the tone for the daily trend of oil prices, but the further finalization of the details of the OPEC production limit agreement will continue to boost oil prices. Algeria’s Energy Minister said: r: OPEC and non-OPEC oil-producing countries plan to hold an informal meeting in Istanbul, Turkey, on October 1 to discuss the implementation of the Algiers Agreement.
brr: ) , , , Song Dynasty Earlier, Venezuelan Oil Minister Pino said in an email announcement, r: OPEC members can reduce daily production by 10,000 barrels, and non-OPEC oil-producing countries can reduce daily production by 10,000 barrels
The Algiers agreement will help oil prices reach an equilibrium level, causing oil prices to rise compared with the monthly average price. The US dollar agreement will last for several months, and oil prices should return to the range in the coming months.
brr: ) , , , Song Dynasty Although the implementation of the production limit agreement is in sight, it is still difficult to change the oversupply situation in the oil market. r: The decline in crude oil inventories is due to a decrease in crude oil imports from the United States. As long as the decrease in inventories is due to a decrease in imports, it implies that the global oversupply has not been alleviated
Although the reduction in the U.S. oversupply will help the region restore balance, it will have a negative impact on oil prices. Support, but oversupply in other regions remains, and oil prices will remain under pressure.
brr: ) , , , Cary, head of commodity research at Goldman Sachs in Song Dynasty, believes that the annual oversupply situation in the crude oil market looks to be quite serious. Official data released last week showed that commercial crude oil inventories excluding strategic reserves are still at a high level of 100 million barrels, 1% higher than the five-year average, indicating that the oil market is still some way away from eliminating oversupply.
brr: ) , , , The current global oversupply situation in Song Dynasty reflects the changing role of U.S. oil producers and OPEC. r: The market share of shale oil drillers has increased and their influence on international oil prices has increased
Even if OPEC finally reaches a formal agreement, investors still need to consider that any decision by OPEC to limit production will prompt U.S. shale oil producers to produce more oil. r: OPEC production cuts can only be offset by increases in production from non-OPEC oil-producing countries. The above-mentioned excess supply can only be reduced by offsetting.
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