The hottest OPEC production fell for three consecu

2022-08-14
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OPEC output fell for three consecutive months, casting a shadow on the outlook for crude oil

since this week, crude oil prices have fallen continuously. If we do not consider the protection of costs, the American Petroleum Institute (API) data showed that the U.S. crude oil inventory rose unexpectedly last week, putting further pressure on crude oil prices. However, the news that the output of the organization of Petroleum Exporting Countries (OPEC) fell for three consecutive months cast a shadow on the outlook for crude oil

the recovery of the international market on May 3, API released data that showed that the growth of U.S. crude oil inventory last week exceeded market expectations, while the growth of U.S. gasoline inventory also exceeded market expectations

api said that as of the week of April 29, U.S. crude oil inventories increased by 3.196 million barrels to 364million barrels, compared with the previous market expectation of an increase of 2million barrels. Meanwhile, gasoline inventories in the United States increased by 680000 barrels to 211 million barrels in the week, after the market expected an increase of 300000 barrels. However, the crude oil import volume of the United States decreased, and the import volume of the week was 8.936 million barrels/day, a decrease of 1.028 million barrels/day compared with the previous week

this data led to a plunge in crude oil prices. On May 3, the main June contract of crude oil futures on the New York Mercantile Exchange (NYMEX) fell $2.47/barrel, or 2.18%, to close at $111.05/barrel. In addition, the data showed that some funds were withdrawing from the crude oil market, and the number of open positions decreased by 658 on May 2, leaving 340962

futures analysts said that by analyzing the changes in U.S. crude oil inventories and imports last week, we can see that the inhibitory effect of the continued rise in U.S. gasoline prices on demand is reflected in API inventory data, and the continued high crude oil prices also limit crude oil imports. The market's concern that high oil prices may reduce demand will continue to increase the upward resistance of crude oil prices

recently, a major market attention has also affected the crude oil price to a certain extent, that is, the death of bin Laden. The death of bin Laden, to a certain extent, is conducive to the long-term stability of the Middle East, which reduces the regional security threat, reduces the market risk premium, and forms a certain degree of negative impact on the crude oil price in the short term

but another piece of news is good for crude oil. It is reported that although Saudi Arabia and Nigeria increased their production, the daily crude oil output of the organization of Petroleum Exporting Countries (OPEC) decreased by 60000 barrels in April, which is the third consecutive month of decline, due to the chaos caused by the use of hydraulic pressure on the Libyan dynamic experimental machine and the maintenance of the Angolan oil field

in recent months, crude oil prices have continued to rise, mainly because the turmoil in the Middle East has raised market concerns about the decline in crude oil supply

another futures analyst said that since the unrest in Libya, it has caused the original 5.2, the system working pressure of 21MPa, and the daily oil production has decreased by more than 1 million barrels. The market had generally expected Saudi Arabia to increase production to make up for the gap, but according to the International Energy Agency, Saudi Arabia, which controls about three quarters of OPEC's idle capacity, produced only 310000 barrels a day higher than at the end of 2010 after increasing production in the first quarter of this year

the analyst pointed out that at this stage, gasoline consumption is entering the peak season. Under the combined effect of several factors, such as the overall liquidity of the market is still abundant and the enthusiasm of the market to long crude oil is not reduced, the crude oil price is still bullish in the medium term

some analysts believe that the unrest in the Middle East will gradually subside in the second half of 2011, which will move the risk premium away from oil prices in the second half of 2011. He predicted that the crude oil price would fall to the level of $80-100/barrel

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