Al-Falih said the country is preparing to adjust its policy in June, but did not disclose how much it will increase production. Saudi Arabia has always been regarded as the de facto leader of OPEC, and OEPC member states will hold their next policy meeting in Vienna Crude oil trading economicson June 22.
The construction of pipeline transportation is difficult, but crude oil production has only increased. IEA data shows that Canadian crude oil production will increase by 20,000 barrels per day in 208 and will continue to increase by 250,000 barrels per day in 209, which forces Canadian oil companies to use rail transportation as an alternative. As a result, the export volume of railway transportation has risen sharply this year, reaching a record high of 80,000 barrels per day in May.
According to Xinhuanet, Iran, whose economy is heavily dependent on oil exports, has made it clear that the US ban will be futile because it is not easy to block Iran from the global crude oil market. A game around Iranian oil has kicked off, and this time bomb may detonate at any time before the 4th of the month set by the United States.
Analysts said that in order to avoid long-term price spikes, oil companies need to start investing now, and not just investing in shale projects. Otherwise, as those projects that started before the oil price crash gradually age, the rate of decline in global crude oil output will continue to deteriorate.
The U.S. Energy Information Administration EIA released a report on May 9 on Wednesday, showing that as of the week of May 4, U.S. crude oil inventories decreased by 270,000 barrels to 800 million barrels, a market estimate of a decrease of 790,000 barrels. Refined oil inventories in the United States fell by 70,000 barrels, and recorded a decline for 5 consecutive weeks. The market is expected to decrease by 50,000 barrels. U.S. gasoline inventories fell by 240,000 barrels, and the market estimated a decrease of 450,000 barrels.
It is reported that it is rare to find such a huge oil field in Western Australia. The discovery of more than 50 millCrude oil trading economicsion barrels of oil resources was in 200 years, and the discovery of 100 million barrels of oil resources dates back to 996. Adrian
Guitouni said on the national radio station that the most important thing is to maintain a balance between supply and demand to ensure the stability of the oil market. OPEC member Iraq stated that the increase in production is not on the agenda. Prior to this, the United States made an informal request for Saudi Arabia, the actual leader of OPEC, to increase production.