The Nigerian Oil Minister said that he is negotiating on the reduction of OPEC's production cut by 100,000 to 200,000 barrels per day. The Kuwaiti Oil Minister said he hopes to reach an agreement, and he also said that if Iran refuses to reach aCurrent crude oil price per barreln agreement, he will seek a solution.
OPEC’s current risk is to reduce supply in the global market too drastically and push prices up to a level that suppresses demand and triggers US supply growth. With the sharp decline in output in Angola and Venezuela, the risks have deepened.
PetroChina publicly promised on 9th that the retail price of natural gas during the heating season from 208 to 209 will not exceed the highest price in the previous period, which will maintain the stability of the natural gas market. On the same day, Sinopec also announced that the natural gas price for this heating season will not exceed the highest ex-factory price in February 208. Subsequently, CNOOC also made the same commitment.
The "Notice on Further Improving the Price Formation Mechanism of Refined Oil" issued on 26th, 20th, shortened the price adjustment cycle, shortened the pricing and price adjustment cycle of refined oil from 22 working days to 0 working days, and cancelled the upper and lower 4% Range limit. On January 206, the National Development and Reform Commission notified the decision to further improve the refined oil price mechanism and set the upper and lower limits of regulation. The upper limit of regulation is USD 0 per barrel, and the lower limit is USD 40 per barrel.
Due to the oversupply of crude oil, US WTI crude oil fell nearly% on February 7th, falling below $50, a record low since October 207; Brent crude oil fell %. On February 8, international oil prices continued to fall. WTI crude oil plummeted by more than 7% to close at 424 US dollars per barrel, and Bursa oil fell nearly 6% to close at 526 US dollars per barrel.
Today's crude oil price has recorded two consecutive positives on the daily line. The API monthly report shows that the US crude oil demand in May hit the highest year-on-year period. This indicates that the supply and demand relatioCurrent crude oil price per barrelnship in the crude oil market is balanced. Oil prices are expected to stop falling and rebound and record daily rising.
In the past month, Trump has continuously pressured Saudi Arabia and other OPEC members to increase production to stabilize oil prices. He said on Twitter on June 0 that King Salman of Saudi Arabia has agreed to increase crude oil production by up to 2 million barrels a day to fill the gap in market supply. The White House subsequently explained that Saudi Arabia only promised to increase production if necessary, with an average daily reserve capacity of 2 million barrels.
Finally, due to the sharp rise in oil prices, once the oil price rises to the level of $75 per barrel, the 0-year U.S. Treasury yield will rise above the critical level of %, which will cause people to worry about the global economic recovery. At the same time, the rise in the U.S. Treasury bond index has suppressed global stock markets, especially the US stock market may end the nine-year bull market.
On the one hand, the supply of crude oil is decreasing, on the other hand, the demand is increasing. According to Bernstein analysts, investors' strong demand for cash return on investment rather than increased capital expenditures may soon be counterproductive, as new oil reserves may not be able to keep up with demand. Any shortage of supply will lead to a surge in oil prices, which may be far greater than the peak of US$50/barrel in 2008.