WTI crude oil spot prices

WTI crude oil spot prices

On the other hand, the problem of rising production in the United States has also put pressure on oil prices. Last week’s data showed that the number of active oil wells in the United States increased by 5 to 859, the highest since 205, which further aggravated market concerns. Thanks to the surge in shale oil production, US crude oil production has jumped by more than 27% WTI crude oil spot pricesin the past two years to a record high of 0.7 million barrels per day, second only to Russia's 0 million barrels per day, ranking second in the world.

Abstract: In recent months, international oil prices have continued to fall. One of the reasons is the sharp increase in crude oil production in the United States, Saudi Arabia, Russia and other countries. However, the neglected crude oil reserves are also increasing sharply. The world's largest crude oil importer also has an impact on oil prices.

At the same time, some market analysts said that the threat of military conflict between the United States and Iran is rising, and the threat of closing the world's busiest crude oil export channel is pushing up crude oil prices. At present, the current price of Brent crude oil is slightly higher than $7/barrel. In 2008, the price of Brent crude oil reached a record high of over US$47 per barrel.

According to data released by the General Administration of Customs on February 25, the scale of crude oil imports from the United States in the month was zero for two consecutive months. In 208, the crude oil imported from the United States was 24,566 barrels per day, a year-on-year increase of 25%.

Some other Asian countries have difficulty fighting the impact of rising oil prices. Among them, Vietnam and India are at the greatest risk because they are not only heavily dependent on imports, but their social wealth is not enough to offset the impact of rising energy costs.

Although Kuwait was the first country in the Gulf Arab countries to develop petrochemical production, Saudi Arabia came from behind. Among the 0 largest petrochemical companies in the Gulf Cooperation Council, 8 belong to Saudi Arabia, and WTI crude oil spot pricesthe remaining 2 are Qatar. The market value of Saudi Basic Industries Corporation is equal to that of DuPont and BASF, the world's largest chemical companies.