Beware of US Oil's Countercurrent Increase in Production

Huitong Network1month13Daily News - Friday(1month13day)crude oilAt the beginning of the trading day, oil prices continued their overnight rise and continued to rise. Meiyou Trading Co., Ltd53.09dollar/Near the barrel, the increase is approximately0.15%; Oil distribution and trading56.07dollar/Near the barrel, the increase is approximately0.04%. Saudi Arabia, Kuwait and other major oil producing countries are actively promoting production reduction,OPECThe Secretary General delivered an optimistic speech, stating that factors such as the pressure on the US dollar and the expected strong growth in Chinese crude oil demand have to some extent boosted oil prices. However, the fundamental situation of the oil market cannot be ignored, and investors need to closely monitor the upcoming US oil drilling total report.

At the beginning of crude oil trading, oil prices continued to rise overnight, but we need to be wary of US oil increasing production against the trend

Thursday(1month12day)U.S.AWTIcrude oil2monthfuturesIncome increase1.45%Report53.01dollar/Bucket, highest touch in tray53.50dollar/Barrel; Brent crude oil3Monthly futures up1.65%Report56.01dollar/Bucket, highest touch in tray56.43dollar/Bucket. Due to the active promotion of production reduction agreements by major oil producing countries, previous investor concerns about the prospects of production reduction have been largely alleviated. Meanwhile, factors such as the pressure on the US dollar and the expected strong growth in Chinese crude oil demand have all boosted oil prices(1month12day)Income increases by more than1%。


Saudi Energy Minister Farih on Thursday(1month12day)Currently, Saudi Arabia's oil production is lower than100010000 barrels/Moreover, Saudi Arabia's production reduction has exceeded the target level of the production reduction agreement. Saudi Arabia2The reduction in production in the month will be greater than1month.2017The annual increase in global daily oil demand will far exceed100Ten thousand barrels, the current demand for oil is equivalent to2.8Billion barrels/Day, to2040Annual oil demand will increase40%. The global oil market is trending towards supply-demand balance,2016year12monthOPECAnd nonOPECThe production reduction agreement reached by oil producing countries will accelerate the process of achieving supply-demand balance in the oil market. Joining hands with Russia is crucial for the stability of the crude oil market. Saudi Arabia will consider renewing the production reduction agreement in six months and expects the global oil market to tighten supply and demand in the next two to three years.
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