September 4, Saudi Aramco released an e-mail statement to the media, said the price of light crude oil sold to Asia will increase 30-55 cents per barrel. Adjusted prices reached the highest level this year. It is worth mentioning that this is Saudi Arabia for the second consecutive month raised the price of light crude oil, adjusted prices reached the highest level this year.
Analysts said the Saudi price increases show the strength of the Asian market demand.
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According to the statement, Saudi Aramco in October exports to Asia, other grades of crude oil prices will rise, floating range of 30-80 cents / barrel.
According to QamarEnergyCEORobin Mills, the media quoted the firm, Saudi Arabia’s price shows the strength of the Asian market demand, “Hurricane Harvey weakened US refining production and pushed up gasoline prices, which could also increase Saudi Arabia’s high prices for light crude oil exports to Asia In anticipation.
It is worth mentioning that, according to the news through the financial mentioned earlier, Reuters August 8 announced based on the customs data calculated in July China imported about 34.66 million tons of crude oil, the contract 8.116 million barrels / day. Although China’s July crude oil imports fell to a seven-month low, but still grow about 12% over the same period last year. In addition, the data show that China’s imports of 247 million tons of crude oil in the first seven months of this year, up 13.6% over the same period last year; the first seven months of this year, natural gas imports increased by 20.7% year on year to 36.82 million tons.
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To save oil prices, Saudi Arabia led the OPEC countries to cut production
As the largest oil producer in OPEC, Saudi Arabia is seeking to reduce exports with other major oil producers.
Reuters previously reported that Saudi Aramco will be September on the global average daily crude oil exports cut at least 520,000 barrels. For the world’s largest crude oil buyers – Asia, Saudi Arabia’s supply will be reduced by up to 10%.
At the end of August, insiders told the Wall Street Journal that Saudi Arabia and Russia were pushing for an extension of the crude oil production agreement for three months. Which would extend the OPEC and some non-OPEC oil producers to the end of June next year.
An OPEC official confirmed that at the St. Petersburg meeting, Saudi Arabia and Russia discussed an extended cut for three months. At present, OPEC leaders are considering extending production.
In May this year, the parties decided to extend the cut agreement until the end of March next year. If the cut agreement extended for another three months, will continue until the end of June next year. Extended production is designed to avoid oil prices plummeted.
“Some people worry that if OPEC and non-OPEC producers end production in March, traders will take action to have a negative impact on oil prices,” he said. “It also worries that oil producers will not Increase production, promote price decline.
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Iran oil long: oil market has been balanced, OPEC production rate of rise
(OPEC) member Iranian oil minister Bijan Zanganeh (BijanZanganeh) on Monday (September 4) said that in recent months OPEC oil-producing countries to comply with the situation in good condition , The rate of cut production continues to rise, he also pointed out that between the oil-producing countries on the extension of production to next year’s informal talks are also ongoing.
“I think the crude oil market has returned to equilibrium and the OPEC cut rate has not fallen in the past six months, and it is still going to climb steadily,” Zanghan said in an interview with Iranian news agency SHANA.
The parties are discussing the possibility of further extending production
At the end of last year, OPEC and 11 non-OPEC countries jointly cut production, to stop the supply of crude oil market pressure to stabilize oil prices.
But so far, the agreement failed to raise the price of oil to the desired level of OPEC. Part of the reason is that US shale oil producers have increased production. In addition, some oil producers involved in the reduction of production is not a good implementation of the cut agreement, but also oil prices have not been greatly boosted one of the crude oil. However, the recent implementation of OPEC production has improved.
Zangan pointed out that the OPEC cut-off agreement will continue until the end of March 2018 the Iranian traditional New Year, while “the parties are also discussing the possibility of further extension of the agreement, but has not yet been officially confirmed.”
On the other hand, before talks with the Brazilian Minister of Mines and Energy, Zanga said: “Brazil (as a non-OPEC member) to join the cut agreement is essential.
He added that other OPEC countries, such as Russia, were doing very well in cooperation with OPEC.
Russian Deputy Prime Minister said recently that Russia may support the extension of OPEC production agreement, the medium-term equilibrium of oil prices in the 50-60 US dollars / barrel.
Iraqi oil ministers also said that Iraq will continue to comply fully with the OPEC cut. Whether to extend production depends on whether the market and oil prices are stable. If the global cut agreement is extended, Iraq will comply with the agreement to help stabilize the market.
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