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China's August crude oil imports reached a new high since May









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发表于 2018-9-10 16:45:28 | 显示全部楼层 |阅读模式
On Monday, the Asian market, due to data released last week showed that the number of US oil rigs decreased, and as the US sanctions against Iran will take effect in November, supply will be tightened and crude oil prices will rise.
As of 14:03 Beijing time (02:03 am ET), the New York Mercantile Exchange US October WTI crude oil futures price rose 39 cents or about 0.58%, to 68.14 US dollars / barrel.

November Brent crude oil futures on the London Intercontinental Exchange rose 46 cents, or about 0.60%, to $77.29 a barrel.

According to data from energy services company Baker Hughes, the number of US oil rigs has dropped by two to 860. The report shows that the number of US oil rigs has been stagnant since May.

US sanctions against Iran, the world's fifth-largest crude oil exporter, will take effect in November. Energy consultancy FGE said Iranian customers, including India, Japan and South Korea, have been reducing their purchases of Iranian crude oil.

FGE said, “The government can make a tough statement that they will resolutely resist Trump and promote exemptions. But usually, the companies we contact have said they are not taking this risk. The US financial punishment and loss of shipping insurance guarantee scared all people."

US Energy Secretary Rick Perry will begin meeting with the energy ministers of Saudi Arabia and Russia, the crude oil exporters, on Monday.

Earlier, the US government had asked oil-producing countries to increase crude oil production two months before the sanctions against Iraq were restarted.

Saudi Arabia said on Wednesday that the country is seeking to maintain oil prices between the current 70 to 80 dollars.

Officials from OPEC and a number of non-OPEC oil producers will meet later in September to discuss increased production. Earlier, OPEC decided to increase production in June.

The increase in Chinese crude oil imports also supported oil prices. According to data released on Saturday, with the increase in demand from small and independent refineries, China's crude oil imports in August increased by 6.5% from July, the highest level since May.

China's average daily crude oil imports in August were 9.04 million barrels, up from 8 million barrels in the same period last year and 8.48 million barrels in July.


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