Factors affecting crude oil prices
Ross previously predicted that by 2020, US crude Factors affecting crude oil pricesoil exports will reach 2.5 billion barrels. According to the forecast of the International Energy Agency IEA, in the next ten years, more than 80% of the global crude oil supply growth is expected to come from the United States.
Emerging economies borrowed debt denominated in dollars, because the Fed is expected to raise interest rates at least two more times this year, and the dollar has risen as a result. This makes it more expensive for emerging economies to repay these debts, not to mention that crude oil is also the most commonly traded commodity in US dollars.
According to foreign media reports, Saudi Arabia may unilaterally break away from the production reduction agreement, and plans to inject a record amount of crude oil into the market in July, starting its largest export surge in history to cool oil prices. Coincidentally, US Secretary of Energy Perry also expressed his belief that Saudi Arabia will increase production to fill the OPEC gap.
JP Morgan Chase estimates the strategic crude oil reserves based on the four data that my country usually publishes on crude oil: domestic crude oil output, crude oil net imports, commercial inventories, and refinery throughput. JPMorgan Chase estimates the amount of crude oil that can enter the strategic petroleum reserve by calculating domestic production plus net imports, and subtracting the amount of crude oil that is refined into fuel oil or transported to commercial storage facilities. This year's volume is about 200,000 barrels per day, which is much higher than last year's level of 40,000 barrels per day. The total reserves reached 400 million barrels, which is equivalent to 5 days of net crude oil imports. According to government plans quoted by state media, JP Morgan Chase assumed the capacity of the strategic oil reserve to be approximately 100 million barrels.
The refinery is the core project of this investment, and it will cost US$00 billion. If completed, it will be able to process 650,000 barrels of crude oil per day, and it will also sell gasoline, diesel and aviation fuel. The refinery will produce about 50 million liters of gasoline per day, which is enough to meet the needs of this country with a population of 200 million, and will also meet one-third of the country's diesel demand. In addition, Dangote also considered transportation issues and built a wharf for incoming ships.
Alhajii concluded: People's demand for oil has finally reversed since 2000, and the demand for gasoline has decreased, while the demand for heavy oil has increased. The irony is that the vast majority of shale oil production, the main source of global crFactors affecting crude oil pricesude oil growth, is gasoline!
The well-known financial blog site Zerohedege commented that French President Macron said that US President Trump may accept a new Iran nuclear agreement, which will cause WTI crude oil and RBOB gasoline futures to fall within the day, and after the API data is released, the decline in oil prices has expanded. Investors originally expected API crude oil inventories to continue the decline last week, but unexpectedly ushered in API rise. On the other hand, gasoline, refined oil, and Cushing crude oil inventories all fell again, in line with expectations.