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Oil prices stabilized on Thursday, 8-11-2018, Brent crude futures for next month, at $ 72 a barrel, down 7 cents from the previous closing level, and contracts West Texas Intermediate crude oil futures at $ 61.72 per barrel, 58 cents higher than previous settlement price.
This comes at a time when the United States has become the world's largest producer of crude oil after its production has reached the highest level ever recorded, but oil is also receiving support as China continues on the road to boosting oil prices. a new record for importation..
The United States is the world's largest oil producer
US standard production pushes prices. US production reached 11.6 million barrels a day during the week ending November 2, according to data from the US Energy Information Administration released Wednesday..
This represents three times the level of US production 10 years ago and has increased 22.2% since the beginning of this year alone. The United States becomes the world's largest producer of crude oil.
More American oil is likely to be pumped. The Energy Information Administration expects production to exceed 12 million barrels per day by mid-2019 due to increased oil production.
The increase in production concerns not only the United States, but also several other countries, including Russia, Saudi Arabia, Iraq and Brazil, which is causing concern producers faced with the return of surplus stocks that weighed on oil prices between 2014 and 2017..
But China's crude oil imports hit a record low, easing concerns over crude oil recovery.
Data from the Chinese Customs Administration showed Thursday that oil imports in October rose 32 percent year-over-year to 40.80 million tons, or 9.61 million bpd, compared with 9.05 million bpd in September. Imports hit the previous record of 9.6 million bpd in April 2018
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Japan's Fuji Oil plans to sign new Iranian oil import contract
The Japanese company plans to sign a new contract for Iranian oil imports after Japan has obtained an exemption from US sanctions imposed on Tehran, said the leader of Fuji Oil on Thursday, adding that Iranian oil was competitive with oil. Other materials.
Fuji Oil is one of the largest users of Iranian oil in Japan, accounting for about 30% of refined crude oil at its refinery of 143,000 barrels a day in Sodjaura from April to September, said Atsu Shibota, director. of the society.
The company's officials did not disclose the exact quantities handled at the company's only refinery, but one official said the refinery was running at full capacity within six months. But Iran's share of oil rose to 36 percent in the fiscal year ended March 31.
"We bought in the first six months (of the fiscal year), but we had to buy throughout the year, so we suspended the purchase," Shibota said at the time. the announcement of his profit over six months.
"We are considering taking over (supply) taking into account the cost and quality of the crude.It is not clear whether we will extend the original contract or whether we will buy by separate agreement."
Exemptions for major Iranian oil buyers
The United States has granted exemptions to major oil buyers (Iran, Japan, China, India, South Korea, Taiwan, Italy, Greece and Turkey), allowing them to import oil for at least one hundred and eighty-four years. twenty days.
Shibota said that the Japanese government had not published any information on permitted import quantities, adding that the company would like to retain various options for oil purchase even after the exception to 180 days.
A second company official said Fuji Oil had already bought Iranian crude through fixed-term contracts.
Japan joined South Korea as part of a temporary suspension of Iranian oil shipments in mid-September.
Tokyo imported about 172,000 barrels of Iranian oil per day in 2017, down 24.2 percent from 2016, accounting for 5.3 percent of total crude oil imports, according to data from the Ministry of Commerce.
Yasuohiro Suzuki, chief executive of Cosmo Energy Holdings, told reporters Thursday that the company's results had been announced in the next six months, indicating that the government had notified its company of an exemption and was considering taking over Iranian oil imports.
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