Eagleford crude oil analysis
Finally, the Minister of Energy of Saudi Arabia will participate in an energy forum held next month to discuss the crude oil market. Saudi Arabia stated that if necessary, it may stabilize the crude oil market. Since last Thursday, crude oil prices have increased by more than 0%. The Middle East is an oil-producing country. Since the price of crude oil fell fEagleford crude oil analysisrom its peak, Saudi Arabia has maintained production to gain a greater market share. Saudi Arabia’s oil production costs are relatively low. Even if the oil price drops to US$40 per barrel, it can still be profitable. If Saudi Arabia reduces production, it will support the rise in crude oil prices. In addition, after the minutes of the Fed’s July meeting, the U.S. dollar rose and fell, the U.S. dollar continued to weaken, and crude oil prices will rebound further.
China National Petroleum Corporation reported on April 27 that crude oil prices fluctuated within a narrow range around US$68, and the Iran nuclear deal continued to detonate the market. Analysts believe that Black Friday may be staged again, and crude oil investors should not chase the rise and fall to avoid the risk of liquidation.
As for whether a full-scale war will break out in the Middle East in the future, it depends on Russia's response. Although the United States is more proactive in the current situation, the long-term strategic contraction is still the general trend, and more depends on agents, especially Israel, to participate in the war. As Russia’s only strategic fulcrum in the Mediterranean, Syria is the only remaining legacy of the Soviet empire, which will be relegated to a regional power once it falls. Now that Europe and the United States take advantage of their economic weakness and wantonly squeeze their geographic space, it is tantamount to blatantly defying their military strength and political dignity. It cannot be ruled out that they will be forced to endorse a war in Syria and die. And Russia, as the world's leading nuclear power, has the power to strike a devastating blow to the West in an instant. Even the United States is also a rat-in-law. Therefore, Syria may become a place where powers are torn apart by all parties, and it will be a long-term and unbreakable robbery against the Middle East chess game. This will cause a continuous positive impact on oil prices. As far as Western powers are concerned, power has always been used to define justice. Missiles and fighters are their hammers. Their own interests are far above universal values, and the people of other countries are like dogs. It's a pity that the people were devastated, and Syria, as an ancient civilization, eventually became the battlefield of Shura.
In the context of the continuous sanctions imposed by the United States, Iran’s oil exports have fallen sharply. This is bound to be detrimental to Iran, which is highly dependent on oil revenues. OPEC has also carried out a production reduction plan. In order to increase oil revenues, will Iran withdraw from OPEC? ?
However, even so, the current crude oil price is still not free from the danger of breaking the position. Although the current market has temporarily stabilized above US$65, the current positives still cannot completely change the status quo of the crude oil market. The market still maintains a bearish state, plus the United States The current crude oil trend is not very optimistic due to the constant pressure caused by the continuous increase in production. Everything may still have to wait for the OPEC meeting to be over before it becomes clear. However, before the meeting, whether crude oil prices can hold the $65 line depends on how long the support level of $65 can last.
GlobalData, a well-known data analysis company, predicts that compared with the 20-year daily output of 0 million barrels of crude oil, Venezuelan crude oil production will shrink to about 0 million barrels per day at the enEagleford crude oil analysisd of 208, which will bring more instability to the international crude oil market.