Wednesday , October 20 2021

News Analysis: Excess surpluses of crude oil have caused concern for New York oil prices


Xinhua News Agency, New York, December 18 of

News analysis: Crude oil production New York oil prices have risen

Xinhua News Agency Magazine Wang Nai-shui

The latest US Energy Information Administration forecasts that US production of US $ 20m in December December will be for the first time in the history of 8 million barrels. Concerning international oil surplus oil prices were continuously marketed for the third time in the 18th and New York oil prices dropped by more than 7% between August and August 2017.

At the end of the day, in January 2019, the market exchange market was lightweight in $ 3.64, closing at 46.24 dollars, respectively, at 7.30. London Brent's crude oil futures fell in February 2019 to $ 3.35 to close $ 56.26, down 5.62%.

According to a report published by the United States of Energy Information Administration, on February 17, the average production of seven major shale oil producers in the United States will be more than 8 million barrels for the first time in 2008 to reach 8,032 million barrels. In January 2019, the average daily output of shale oil would be 134,000 barrels and 8,166 million barrels.

Investors are worried about easing the problem of transporting pipelines that reduce US oil shale production. Continuing growth in US shale production decreased by a reduction in the OPEC and Russia and other OPEC oil producers earlier this month. Reverse positive role.

According to another source, since December, the average daily output of crude oil reached 11.42 million barrels, a record high.

David Marden, a commercial market analyst at the CMB Markets market analyst, has said that key oil producers can talk about the importance of coordinating production cuts, but ultimately this decision is the interest of each country.

At the same time, the latest economic growth in the major economic economies has slowed down, and allows investors to revise their global demand for crude oil.

According to major oil analysts at Mizuho, ​​Paul Sanki said the OPEC forecasts an average demand for international oil oil in the year to grow about 1.3 million barrels. These data will get worse.

Sanji said that some important organizations have reduced their expectations of global economic growth next year. In some countries the economic downturn is increasing and the stock market is growing. These problems ultimately help to reduce the global demand for crude oil next year, OPEC production cuts will be senseless.

Stephen Innes, a Forex Trade and Supply Service Supplier, Asia-Pacific Barear, said the continuing growth in gross oil production is basically due to the hidden trend of growth, according to the price of crude oil that supplies the basic supply and demand base. International oil prices will inevitably have a downward pressure.

Additionally, the latest international financial market has changed dramatically, and a large amount of money is extended to the Function of Dollars in certain functions. The dollar dollar index remained high and, to a lesser extent, the price of oil in dollars was under pressure.

With regard to the short-term trend of international oil prices, John Kildaf, a founder of the "Renewal Energy Capital Management Company" for energy expansion, believes that international oil prices may have an increase of approximately $ 42 with a 2017 decline.

Goldman Sachs's average oil price in London Brent may still be bumped in $ 70 in 2019, but it will not happen in the short term. Jeff Cory, chief of Goldman Sachs's merchandise research, believes that investors are not attacking oil assets until they are the key changes in the international crude oil market.

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