Wednesday , September 28 2022

Oil surplus in the world is already being prepared – the price does not stop falling


Oil futures prices on the New York Commodity Exchange fell 7.7 percent on Friday. For more than one year, to the lower level, dropped off. D. Recurring soon, believe that the fall in oil prices is good news, but the highest since 2016, after the WTI decrease in oil prices last week. In January last year, the Saudi oil ministry had mentioned that in October, the state increased its production to 10.8-10.9 million. Every barrel, while adding that the world's largest exporter will not market the market.

US West Texas Intermediate (WTI) oil futures price is $ 50 a barrel, Iran's oil has steadily increased in international markets. The American President Trump has left the country's earlier oil extraction demand. Increasing oil grains in the United States strengthens the potential for increased global supply. Market participants are contemplating that the Petroleum Exporting Countries (OPEC) and its associates will decide to ban production when they meet in Vienna early next month.

Oil surplus in the world is already being prepared - the price does not stop falling

© Company Archive

Tommoichis Akutta, chief economist of Mitsubishi UFJ Research and Consulting Company in Tokyo, said, "Everyone's eyes point to OPEC's next meeting and the remaining organizational decisions, however investors have noted that the supply demand balance decreases." – To support Saudi Arabia's low oil price for consumers. Short-term calls will have to be cautious. "

On January 1, at New York Commodity Exchange, January delivery of US West Texas Intermediate (WTI) oil futures Tokyo rose 38 US cents to $ 50.80. Oil futures declined by 10.7 percent last week. $ 50.42 per barrel The average trade volume of the deal was twice as high as the average trade volume.

ICE Futures of London: January Brent crude oil futures prices rose 67 US cents to $ 59.47 a barrel on Monday. Futures for this type of oil fell below $ 60 on Friday for the first time since October 2017.

D. Short comment on the tweet about this issue soon after the last week, thanked Saudi Arabia for the low price. US The President, who advocates for low interest rates, has not condemned the American criticism of the US Federal Reserve (FED), describing the criticism as a "problem".

Saudi Arabia can contribute to the reduction of prices by raising the pressure of D. In October, the Kingdom's oil extraction was extra and it was 10.7 million. The country's energy minister Khalid al-Faliyy reported on a daily basis last week. According to him, Saudi demand in crude oil demand in January may be even lower than December, although their country will not export more oil to consumers than they need.

OPEC and its partners meet in Vienna on December 6, but the next week's direction of oil prices can be solved this weekend, while the big decision-makers gather in the G-20 summit in Buenos Aires. The Saudi Crown Prince and the Russian President, along with their energy ministers, also visits the Argentine capital.

Source link