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If we take into account that the exchange rate used is a dollar = 6.7129 Yuan (CNY), it results in an equivalent of $ 66.06 against the 68.74 dollars in which the Hydrocarbon was sold. last week, as it is clear.
The trend of loss was noted in the rest of the market indicators, namely that the OPEC basket lost the most ground when it fell by $ 3.48 because it was the largest market in the world. it was quoted at $ 71.04 compared to the previous period. he scored $ 74.52.
For its part, the West Texas Intermediate (WTI) dropped to $ 69.07. Compared to $ 72.49 on July 13, it shows a price decrease of $ 3.42 per barrel.
Al Brent concluded the same scenario. From $ 76.38 was placed this July 20 to $ 72.96, it also dropped in the price of $ 3.42.
Industry analysts estimate that prices have been penalized by fears of oversupply, with some of the production rising again after the cuts, while trade tensions between the United States and the United States United and China have fueled uncertainty about the damage to their economies and the demand for commodities.
Saudi Arabia took a step forward on Thursday to dispel fears of an oversupply, which had supported prices.
However, beyond Saudi Arabia's publicly held stance, in this negative trend that is disrupting the market, concerns over the trade dispute between the two countries are reappearing as Chinese currency falls seem to play a role. important. As stated yesterday Stephen Innes, chief of operations of APAC in the broker OANDA.
Calculations reveal that crude oil fell by nearly 6% this month, the prospect of a trade war between the United States and China, as has already been said, has shaken the global financial markets.
Equipment for PDVSA
To realize the optimization of each of the wells with technological transfer interventions and trained personnel to reactivate the production capacity, as well as the construction of 39 facilities that guarantee incremental production, Southern Procurement Services (SPS) has acquired the equipment for submersible electric pumps (BES), electrical cables, inverters and transformers from Russia and Ukraine, to Alí Primera wharf, located in the state of Zulia, reported PDVSA.
According to the official source, "With this equipment, SPS offers the necessary support to the oil industry for the proper installation of BES equipment with great reliability, while contributing to the reduction of operating costs . ", They say. For the increase in oil production, SPS is working on two main axes: the elimination of the execution of projects of the West Division which feeds the refining of Campo Urdaneta Lago, and the Orinoco oil belt (FPO) and Executive Direction ra PDVSA Is Production.
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