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Reverse circulation of crude oil market

wallpapers News 2020-11-08
Under the background of

in oil producing countries, crude oil has become the "worst producer" in commodity market.

for more than a month, Brent oil price New York oil price, two major crude oil futures, have fallen by 20%. During the trading session on the 13th, Brent oil barely hovered around $80, while New York crude oil fell below $77 stepped on the low point of $76.80/barrel. China's domestic refined oil prices may fall for eight consecutive times.

have news that, in order to protect themselves, the global suppliers will implement the water release policy. The United States will enter the legislative process to loosen the oil ban next year, Chinese enterprises will also stabilize the impact of low oil prices by increasing net exports. OPEC, the largest organization of petroleum exporting countries, will hold a meeting at the end of this month. At present, Saudi Arabia has hinted that it has no intention to rescue the market will continue to maintain production.

push export into "new normal". Under the background of oil price falling sharply, "export maintaining prosperity" has become the "new normal" for enterprises to maintain profits.

from the perspective of the U.S. market, the biggest pressure comes from high inventory. In the face of increasing dems from domestic oil producers to lift the ban on crude oil inventories, the US government is increasingly calling for the lifting of the ban. According to the latest disclosure of us energy commission members, the lifting of crude oil export ban will enter the legislative process from January next year.

are just like currency wars. Everyone wants to release water, now these resource countries are starting to compete with each other. " Liu Qian, an assistant researcher at the China Energy Strategy Research Institute of China University of petroleum, told the Shanghai Securities Journal.

even the non-traditional exporter China has begun to appear the phenomenon of "net export". According to the data released by the General Administration of Customs of

on November 8, 2014, China imported 2.28 million tons of refined oil, down 7.7% month on month; 3.14 million tons of oil products were exported, with a significant increase of 46.0% on a month on month basis. At the same time, China imported 24.09 million tons of crude oil in October, down 12.7% month on month; zero export was maintained in the export sector.

in this regard, Liu Qian believes that "net export is the choice of enterprises. However, as a strategic resource product, the decision makers still intend to guide the market to increase imports at a low level, so as to stabilize the market ensure supply."

OPEC pays more attention to share

the meeting to be held by OPEC on November 27 has attracted special attention of the market in the recent four months of oil price decline. "For now, OPEC's actions are the key," said Rick spenner, chief strategist at CMC market research. The huge price volatility means that this meeting is very important. "

have serious internal differences, but most analysts predict that OPEC will not take any action at the meeting.

Saudi Arabia Kuwait, OPEC's largest oil producers, have hinted that they are unlikely to reduce production focus more on market share in Asia. Libya, Venezuela Ecuador are proposing to cut production to control oil prices.

loose supply led by OPEC will bring the price of China's domestic oil products to a new level. Li Qian, an oil product analyst with Zhuo Chuang information, said that whether the domestic oil product price can be lowered or not depends on the face of crude oil. At present, under the external background of the sharp fall in international oil prices, "eight consecutive falls" has almost become a foregone conclusion. It is expected that the reduction range will be 100-130 yuan / ton at 24:00 on November 14.


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