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International oil market is stable

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发表于 2018-10-8 15:22:08 | 显示全部楼层 |阅读模式
Crude oil futures held steady on Friday and rose to a four-year high earlier this week. Before the US sanctions against Iranian crude oil came into effect, both major oil contracts recorded weekly increases.
US crude oil futures CLc1 rose by $0.01 to close at $74.34 a barrel.

Brent's December crude oil futures LCOc1 fell $0.42 to close at $84.16 a barrel. On Wednesday, the global indicator crude oil contract hit a maximum of $86.74 since the end of 2014.

“The oil price took a breather after being sold off yesterday,” said Andrew Lipow, president of Lipow Oil Associates.

US crude oil rose 1.3% this week, and Brent rose about 1.4% this week.

Oil prices have limited gains this week, as Saudi Arabia and Russia say they will increase production, at least to compensate for the decline in some Iranian supply expectations, and the US sanctions against Iran, the third largest oil producer of the Organization of Petroleum Exporting Countries (OPEC), will be on November 4. Effective day.

However, since mid-August, oil prices have risen by 15%-20%, reaching the highest level since the end of 2014. The fall in oil prices has little effect on the rise.

The United States hopes that governments and companies will stop buying Iranian crude oil to put pressure on Iran’s nuclear deal.

Bloomberg reported that Saudi Crown Prince Muhammad insisted that Saudi Arabia is fulfilling its commitment to make up for the reduction in market supply caused by Iran’s US sanctions. He said that the current daily production of Saudi crude oil is about 10.7 million barrels, and if the market needs it, it can increase by another 1.3 million barrels.

Two industry sources said that India will buy 9 million barrels of Iranian crude oil in November, indicating that the world's third-largest crude oil importer will continue to buy Iranian crude oil.

Many analysts expect Iranian crude oil exports to fall by about 1 million barrels per day.

“Iran’s November export decline may be less than 1 million barrels per day,” Jefferies said. “It seems that only China and Turkey are willing to risk US retaliation and trade with Iran.”

Jefferies said the market has enough oil to meet demand, but "the global idle capacity is shrinking to the lowest level we have recorded."

General Electric's energy services company Baker Hughes said on Friday that as of October 5, the number of active rigs in the US decreased by two, and new drilling has been suppressed since June due to rising costs and pipeline bottlenecks in the largest US oil fields. activity.

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