OPEC member states are advancing negotiations to discuss when oil prices rise above US$80/barrel, when exporting countries can boost crude oil production toCrude oil price real-time chart calm the market, and how much each member country can increase production.
In 208, the United States became a net exporter of crude oil, and shale oil production continued to increase the problem of oversupply in the oil market, causing international oil prices to fall continuously. Moreover, the influence of OPEC oil-producing countries on oil prices seems to be gradually weakening, and the influence of US shale oil on oil prices is gradually increasing. For this reason, OPEC oil-producing countries and non-OPEC countries have formed an alliance to counter US shale oil.
Ahya said in a report over the weekend that the recent increase in oil prices has sparked investors’ debate over whether this poses a downside risk to global economic growth. Sources said that Saudi Arabia and Russia are discussing increasing the daily output of OPEC and non-OPEC oil-producing countries by about 0 million barrels a day to cope with potential supply shortages.
Statistics show that in April, the demand for diesel, which accounts for about 40% of India’s oil consumption, increased by 7% to 7.2 million tons. Gasoline consumption increased by approximately% to 200,000 tons. The consumption of liquefied petroleum gas increased by% to 900,000 tons. Petroleum coke demand fell by 0.7% to 2.2 million tons.
Boosted by the positive news, the domestic refined oil wholesale market continued to rise. Due to the rising gasoline and diesel prices during the last round of pricing cycle, mid- and downstream users on the market have already stocked a large number of stocks. Considering that the market is already abundant, most people in the industry expect refined oil prices to enter a consolidation period or even a moderate correction. However, under the stimulus of the continued rise in crude oil, the willingness of the market players to purchase has also increased. Shandong Refinery continued to lead the upward trend of oil prices since May 5 this Tuesday.
On Wednesday, May 9, Trump ignored the requests of EU countries and announced that he had withdrawn from the nuclear agreement with ICrude oil price real-time chartran. The agreement was reached at the end of 205, which means that in the future the United States will resume sanctions on Iran to restrict its oil exports as a bargaining chip to restart negotiations on the nuclear agreement.
The six-nation joint supervision committee meeting will be chaired by Saudi Energy Minister Falih, and the other five members are the energy ministers of Russia, Kuwait, Venezuela, Algeria and Oman. These countries had previously planned to hold a conference call, but now this conference has been replaced by another meeting to be held on September, when the market conditions will be assessed and the alliance's next move will be discussed.