Future crude oil price forecast
1/22/2021

Future crude oil price forecast

By Crude oil market dynamics

OPEC unexpectedly reached an agreement to cut production, and several comFuture crude oil price forecastpanies were happy and some were worried. The plummet of oil prices in the past two years has produced winners and losers. This time, the conclusion of a production reduction agreement will once again shuffle the market. Who are the winners with laughter? Who are the losers who complain?

Affected by the sanctions, French oil giant Total officially abandoned its $5 billion gas field project in Iran. In addition, companies including Maersk, Peugeot, General Electric, Boeing and Siemens have cut ties with Iran to avoid punishment from the United States, and Russia’s Lukoil also said that it will shelve its search for a joint venture in Iran. The company's plan. The Iranian crude oil industry is suffering a major blow.

In stark contrast to the reduction in supply, crude oil is in strong demand. In the first half of the year, the major economic data of developed countries such as the United States and Europe rebounded, and the economy continued to stabilize and improve, which further strengthened the market's expectations of rising global crude oil demand.

Respondents said that the official selling price of Arab heavy crude oil in July may rise between 40 cents and 50 cents, thereby narrowing the price difference between light and heavy crude oil. The official price of Saudi crude oil is usually released around the 5th of each month and sets a trend for crude oil prices in Iran, Kuwait and Iraq, affecting more than 2 million barrels of crude oil shipped to Asia every day.

No matter what measures the US announces, China has the confidence, ability, and experience to defend the people's interests and the country's core interests; it urges the US to act in the spirit of the joint statement. China and the United States had previously reached a consensus in Washington not to fight a trade war and issued a joint statement on economic and trade consultations. Against this background, the strategic statement issued by the White House was unexpected, which is obviously contrary to the consensus of both parties.

Oil has always been an important industry dominating the Saudi economy. The oil industry’s revenue accounts for approximately 75% of the government’s total reFuture crude oil price forecastvenue, 40% of the GDP, and 90% of export revenue. This has led to the abnormal development of Saudi Arabia's economy and its poor ability to resist risks.

According to data from the National Bureau of Statistics, in the first half of this year, the total crude oil processed by refineries increased by 9% year-on-year to 99.6 billion tons, an average of 20,000 barrels per day. In June, the refinery's crude oil processing volume increased by 8% year-on-year to 49.78 million tons, an average of 260,000 barrels per day. If calculated in barrels, crude oil processing volume in June increased by 5% month-on-month.

I thought it would be affected by Christmas, and the economic data was relatively flat, but who knew that the US Treasury Secretary Mnuchin had been a disservice. Last weekend, U.S. Treasury Secretary Mnuchin responded to Trump's threat to fire Powell, saying that Trump had not considered firing Powell. But overnight (February 24th, Trump bombed the Fed for the 0th time, saying that the only problem with the US economy was the Fed.