EUR/USD 1.14909
-0.321%
Gold 4052.44
-1.246%
Oil 83.308
0.799%
USD/JPY 160.139
0.396%
GBP/USD 1.34273
-0.281%
GBP/JPY 215.035
0.127%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
July 31 – Despite the disruption of approximately 500,000 barrels per day of production at ExxonMobil (XOM.N) due to the conflict with Iran, the company remains committed to its Middle East growth plans. Chief Financial Officer Neil Hansen stated, “We don’t make broad investment decisions based on today’s headlines. We can thrive in these kinds of environments and remain committed to our current and future investments in the region.” Before the outbreak of the war in late February, ExxonMobil’s combined crude oil production in the UAE and Qatar was equivalent to 900,000 barrels per day, accounting for about one-fifth of its global production, both of which have been severely impacted. Furthermore, two gas projects in Qatar in which ExxonMobil holds partial stakes were also severely damaged in the Iranian attacks, resulting in the suspension of approximately 450,000 barrels per day of production in Qatar and another 50,000 barrels per day in the UAE. Hansen stated that some of the company’s production in the UAE is currently stored in inventory awaiting the lifting of transportation restrictions. Hansen added, “We’ve noticed that some companies see the absence from such an important region as an advantage. We believe this view is very short-sighted and not in the best business interest.”The National Highway Traffic Safety Administration (NHTSA) is investigating 1.2 million Tesla (TSLA.O) vehicles for suspension issues.According to CCTV: Li Qiang chaired an executive meeting of the State Council, which decided to approve four nuclear power projects, including the first phase of the Zhuanghe nuclear power project in Liaoning.According to CCTV: Li Qiang chaired an executive meeting of the State Council, which reviewed and approved the "Draft Decision of the State Council on Amending the Regulations on the Administration of Housing Provident Funds" and the "Draft Decision of the State Council on Amending and Repealing Some Administrative Regulations".According to CCTV: Li Qiang chaired an executive meeting of the State Council to study relevant work on the implementation of the health-first development strategy.

International oil prices continued to fall, hitting a three-day low, OPEC+ "learned smart"

Oct 26, 2021 10:59

On Thursday (October 7), international oil prices were under pressure for the second consecutive trading day, hitting a three-day low. The unexpected increase in US crude oil inventories triggered people's concerns about demand after the price rose to a multi-year high.

At 15:24 GMT+8, NYMEX crude oil futures fell 1.42% to US$76.33/barrel; ICE Brent crude oil futures fell 0.84% to US$80.40/barrel. The two cities both hit three-day lows, reaching 76.21 US dollars/barrel and 80.30 US dollars/barrel respectively.


Overnight, NYMEX crude oil and Brent crude oil closed down 2.52% and 2.10%, respectively, despite the intraday highs of $79.78/barrel since November 10, 2014 and $83.47/barrel since October 10, 2018.

ANZ Bank said in a report: “According to EIA data, US commercial crude oil inventories rose last week and gasoline inventories also surged, raising concerns about weak demand.”

The U.S. Energy Information Administration (EIA) said on Wednesday (October 6) that as of the week of October 1, crude oil inventories increased by 2.345 million barrels to 420.9 million barrels, an increase much higher than market expectations of 796,000 barrels. Gasoline inventories unexpectedly soared by 325.6 million barrels, which is expected to decrease by 69,000 barrels; distillate stocks fell by 396,000 barrels, which was less than the expected decrease of 844,000 barrels.

Global oil prices have jumped by more than 50% this year, increasing inflationary pressure, which may slow the recovery of the economy from the new crown epidemic and affect consumer demand. Natural gas and coal prices are also climbing.

Citi analysts said in a report: “OPEC+’s statement contrasts with higher price volatility brought about by tighter market supply and demand, especially when inventories are low. Recently, given the extremely tight supply of raw materials in the power industry, demand for natural gas The skyrocketing drove a surge in oil demand."

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) said earlier this week that they decided to maintain the current policy of increasing production by 400,000 barrels per day each month, and crude oil prices have been pushed to multi-year highs. Sources said on Wednesday that OPEC+ made this decision partly because of concerns about the emergence of a new epidemic and the possible weakening of demand and prices. Based on past lessons, oil-producing countries have become more cautious, and any hasty decision may lead to a sharp drop in oil prices.

Another important reason is money. Three OPEC+ sources said that oil-producing countries are enjoying billowing financial resources to make up for the sharp decline in income during the 2020 COVID-19 outbreak caused by the demand and price collapse.

After the implementation of travel restrictions around the world to curb the spread of the coronavirus, oil demand has paralyzed and severely hit prices. OPEC+ cut production by a record 10 million barrels per day in April 2020, accounting for about 10% of global production. According to OPEC’s annual statistical bulletin, OPEC member countries’ oil export revenue in 2020 was US$321 billion, a decrease of 43% from 2019.

Iraqi Oil Minister Ihsan Abdul Jabbar joked at the Energy Intelligence Forum on Wednesday: “We have a population of 40 million in Iraq, and 85% of our income depends on oil. We hope that the price of oil will reach US$120/barrel!” But he said that US$75-80 For consumers and producers, it is the fair price of oil.

Suggestion