International crude oil daily price
1/11/2021

International crude oil daily price

By Crude oil market dynamics

People familiar with the matter said that Saudi Arabia has proposed several plans to increase production to OPEC member states. Saudi Crown Prince Mohammed bin Salman will meet with Russian President Putin during the start of the International crude oil daily priceWorld Cup on June 4 to discuss oil prices.

Iranian Foreign Minister Zarif said on the 29th that Iran is capable of responding to U.S. sanctions and weathering the critical moment. The United States' arbitrarily imposing sanctions on other countries is an act of injustice and little help. Iran will receive the support and help of most countries in the world.

Taking Iran's position into consideration, it can be foreseen that the OPEC meeting in June will be difficult again. Iran encountered problems at the OPEC meeting in 205. At that time, Iran refused to sign to support the OPEC policy, saying that after Iran signed a nuclear agreement with a global power to relax sanctions, it needed to increase production.

According to reports from Ecuador, although the member states have reached consensus on production cuts and oil prices on February 5, it is difficult to reach a consensus on the basic mining volume and production cuts in each country. Ecuador’s Energy Minister Perez expressed the hope that the current output quota can be maintained.

Oil inventories are tight, and the United States may tighten sanctions on Venezuela. This will worsen the situation in Venezuela, which means that Venezuelan oil production is expected to continue to decline. Tony, Mitsubishi Corporation's oil risk manager in Tokyo

Iraqi Oil Minister Al-Luaibi said that an agreement is expected to be reached at the OPEC+ meeting on June 22. Iraq has not yet considered increasing oil production.International crude oil daily price According to Bloomberg reports, the OPEC and non-OPEC production cuts supervision committee believes that OPEC+'s implementation rate of oil production cuts in May fell to 47% compared with April.

Spot crude oil prices will usher in the OPEC meeting next month. Earlier, there was news that the OPEC June meeting or the extension of the production reduction agreement, but the US sanctions on Iran may lead to a change in the tone of OPEC's production reduction, and crude oil prices may face the risk of plummeting.