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The recent speech on the price of a barrel of oil is expected to see the rise in the coming period, in light of the economic and political scene surrounded by the completion of the imposition of economic sanctions on oil. Iran early next month, as well as the trade war between the United States of America and China, Saudi Arabia has no guarantee on oil prices.
This comes at a time when OPEC is under increasing pressure from the US authorities to increase oil production and reduce world prices, as lower oil prices are one of the goals of the USEPA. US President Donald Trump before the mid-term congressional elections in November, the question arises Oil prices will rise or fall in the coming period.
Despite Russia's attempts to save Iran from sanctions imposed by Turkey, sales of petroleum products began to increase. An oil source familiar with Russia's production data told Reuters that Russia's oil output had reached record levels, after the Soviet era, at (11.41) million barrels a day since early October against (11.36) million barrels a day last September.
Oil production in Russia has increased with the agreement of the Organization of Petroleum Exporting Countries (OPEC) and other major oil producers led by Russia in June 2018 in order to increase oil production. easing production restrictions and meeting production levels set in an agreement reached in Vienna in 2016. Rising crude prices are fueling increases in production as markets prepare to reduce supplies as soon as US sanctions are imposed. imposed on Iran in November.
The Organization of the Petroleum Exporting Countries (OPEC) has confirmed that it has difficulties in injecting more oil into the market, having agreed in June to increase supplies, the decline in production in Iran, Venezuela and in Angola has affected Saudi output, according to the Reuters news agency.
According to the agency, an internal OPEC document prepared at FAO Headquarters in Vienna for a Technical Committee meeting showed that Member States, with the exception of Nigeria, Libya and of Congo, injected an additional 428,000 bpd in September compared to May, while non-member countries in OPEC, which cooperates with the Organization, an additional 296,000 barrels per day since May.
Saudi Energy Minister Khalid al-Faleh said on Monday that there was no guarantee that oil prices will not rise, US sanctions against oil will not increase. Iran coming fully into force next month. .
"Saudi Arabia is a very responsible country and we have been using our oil policy for decades as a responsible economic means and separating it from politics," said Saudi Minister of Energy Khalid al-Faleh. , at the news agency Tass. "My role as energy minister is to set up the role of the construction government and executive government and to stabilize the global energy market accordingly, thus contributing to economic growth. World. "
Al-Falih pointed out that the rise in oil prices would lead to an international recession and that the full entry into force of sanctions imposed on Iran next month no longer ensured that oil prices n & # 39; Would not increase. "I can not give you a guarantee, because I can not predict what will happen to other suppliers," he said to the question whether the world could avoid a return to 100 dollars on barrel.
"We have sanctions against Iran and no one knows how Iranian exports will be.Secondly, there are potential drops in countries such as Libya, Nigeria, Mexico and Venezuela." "If 3 million barrels a day are gone, we can not cover that size, so we have to use the oil reserves. "
"We have relatively little unused capacity and we use a lot of it," he said, adding that the global supply could be boosted next year by supplies from Brazil, Kazakhstan and Japan. the United States. "But if other countries withdraw, as well as the full implementation of Iran's sanctions, we will use all the surplus energies."
OPEC is facing growing and related pressures and an indefinite escalation by the US government led by Donald Trump to increase oil production and reduce world prices.
US President Donald Rumsfeld wants to cut world oil prices ahead of the US congressional elections in November, especially after hitting a four-year high.
The Organization of Petroleum Exporting Countries (OPEC) and Russia agreed in June to ease previously imposed production restrictions. Novak has been entrusted to reporters following an informal meeting in Moscow between OPEC countries and non-OPEC producers. He added that all countries participating in the meeting have confirmed their commitment to increase production under the June agreement.
Earlier this month, the Energy Information Administration announced that crude oil inventories in the United States had increased last week, along with refinery production, while gasoline and distillate stocks decreased.
Inventories of crude increased by 8 million barrels in the week ending September 28, compared to analysts' forecasts that they would increase by 2 million barrels.
The department said stocks at the Kashing delivery center in Oklahoma had increased 1.7 million barrels. The data showed that the refinery consumption rate increased by 77,000 barrels per day, while exploitation rates remained little changed.
Gasoline inventories fell by 459,000 barrels, compared with analysts' forecasts according to a poll of 1.3 million barrels released by Reuters.
Data from the Energy Information Administration showed that distillate stocks, including diesel and fuel oil, decreased by 1.8 million barrels compared to forecasts of a 1.3 million drop barrels. Net US crude imports increased 1.1 million barrels a day last week.
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