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Energy Research said in a research report on Monday that from a trader's perspective, the reason for the sharp decline in crude oil prices is that they do not care about the growth in global fuel demand and the decline in North American production levels in the next year. expectations, they are focused on near-surplus supply levels and the end of the period of unplanned supply disruptions over the past few months (in Nigeria, Libya and Canada).
Today, both crude oil and refined product inventories continue to remain in excess, putting pressure on oil prices. According to new estimates released by the International Energy Agency, global crude oil supply exceeded demand by 10,000 barrels per day in the second quarter. Therefore, in the near term, market participants will be paying close attention to the monthly crude oil market report, which will be released on May 1st.
After all, the Libyan National Oil Company said in a statement released on Sunday that it unconditionally welcomed an agreement between the Libyan coalition government and the Oil Facilities Guard to reopen three eastern ports. The protesters blocked the ports for months. In March, Libya's daily crude oil production was estimated to be around 10,000 barrels per day, compared to 10,000 barrels per day in April, but production in March was still lower than in March.
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