Kazanpur believes that the extra oil in the oil market mainly comes from the increased production of Saudi Arabia and Russia, so SauWhy the Associated Press banned U.S. crude oildi Arabia and Russia should reduce production, rather than let other member states share it together. Now they hope that others will also participate in reducing production, but whoever increases production should stand up and reduce production. Kazanpur said.
In fact, Iran’s plan was put forward in April this year. According to the plan, Iran allows middlemen to buy Iranian crude oil through domestic energy exchanges and then resell it in the name of private companies, so that Iran can continue to trade with traditional Partnership.
Crude oil futures closed down slightly today, closing at 505 yuan per barrel, a 0.9% drop on the day. US Oil closed at $656, a slight increase of 0.0%. This is because since the central bank officially announced on August 24 that the central parity rate of RMB against the US dollar had restarted the countercyclical factor, the cumulative increase in the central parity rate of RMB in two days has reached 658 basis points; on August 28, the People’s Bank of China authorized the Foreign Exchange Trading Center to publish data showing , The central parity of RMB against the US dollar was reported at 8052, a sharp increase of 456 points from the previous trading day. This increase also hit a four-month high, which increased the selling pressure of INE crude oil to a certain extent.
In addition, the current low oil prices have not made the other two oil powers in the world, Russia and Saudi Arabia, have any plans to reduce production, but their competition has intensified. According to the latest data released by the customs, Saudi Arabia, the world's largest oil exporter, regained its status as the largest crude oil supplier in June, while the largest crude oil supplier in the previous three months was Russia. In order to seize the market, the two countries have discounted and sold oil. It is conceivable that the continued competition between the two countries has only negative effects on oil prices. At the same time, Nigeria ceased hostilities, Canada continued to restart output, Libya's pre-reopening of oil shipping ports, the gradual peaking of crude oil reserves, and the gradual strengthening of the US dollar are expected to put pressure on oil prices in the future.
However, some platforms will deposit and withdraw funds through Alipay, UnionPay, etc. This is similar to semi-custodial methods, which can easily be misunderstood as a three-party bank custody, but it is likely to be used by some illegal platforms and eventually transfer funds to the company’s account on the illegal platform. Investor transaction security cannot be guaranteed.
Therefore, considering these factors comprehensively, we believe that despite the market’s concerns about supply pressure after Saudi Arabia’s announcement of increasing production has caused Why the Associated Press banned U.S. crude oiloil prices to pull back, the peak season for oil consumption in the northern hemisphere is coming. As we emphasized in the previous roundtable, we do not recommend it. Too pessimistic. In terms of spreads, the gap between Buyou and WTI has reached a high level, so beware of callbacks. In the short term, we need to wait for the final results of the OPEC meeting on June 22.
Oil said in its earnings report on Tuesday that OPEC's recent developments will determine Russia's crude oil production in the second half of this year. But the company cannot control how OPEC will develop and whether the organization can make strong decisions. Because Saudi Arabia and Iran have always been hostile relations, while Russia has always been closer to Saudi Arabia. Iran has also accused Saudi Arabia and Russia of excessively increasing production for disrupting the oil market and violating production reduction agreements. There is even news that Saudi Arabia and Russia are considering reorganizing an organization that can replace OPEC. Some experts pointed out that the oil market has entered a post-OPEC era dominated by Saudi Arabia and Russia, OPEC has less and less right to speak, and even the US's position in the oil market is much higher than OPEC.