After the oil price correction on Tuesday and Wednesday, again it started a bullish trend. Oil price had a weekly 7% growth. What stimulates today’s oil market? Aramco asked Iraqi Ministry of Oil to purchase 20 million barrels of oil from Iraq. It destroyed the market’s trust to Saudi Oil Minister’s statements about the continuity…
The attacks to Aramco oil facilities on Saturday have caused the oil price to jump to $70 per barrel on September 16th 2019. These attacks disrupted around 5% of the global oil supply. Oil (Brent) price increased to $71.95 per barrel, up 19.5%. Future contracts of Brent also improved to $66.20, up $5.98 (9.9%) compared…
The oil output of the 14-member Organization of the Petroleum Exporting Countries (OPEC) increased to 29,741,000 barrels per day in August, up 136,000 barrels per day! Saudi Arabia was the top member of OPEC by producing 9,805,000 barrels per day in August. Iraq was in the second place with 4,779,000 barrels per day. UAE as…
It seems that oil market participants are still concentrating on demand and trade war instead of oil supply! According to Reuters, 51 market economists and analysts predicted that Brent crude (LCOc1) would average 65.01$ a barrel in 2019 which is 4% lower than previous month (67.4$). Demand also reformed from 1.4 million barrels to 1.3…
China customs statistics show that the import of crude oil from Iran has increased 4.7% and 926119 barrels of oil was exported from Iran to China on June 2019 while the exemption of China from US sanctions is finished!
#Kenya with exporting a #crude_oil cargo on Monday became the first #exporter of oil in East of Africa. However, according to Al Jazeera, Kenya needs time to provide all required infrastructures for producing oil. Kenya’s first oil cargo was over 200,000 MT. The first attempts at finding oil in Kenya date back to 1937 but…
#US accused China to interfere in the #excavating_operation in beaches of #Vietnam. #Morgan_Ortagus, US Spokesperson, stated that US is very concern if China continues its intervention in excavating operation of #oil and #gas. China sent an investigation ship to Vietnam early in August 2019. Many parts of the sea in South of China are disputed…
Last week the whole number of #oil_wells in #US had decreased from 770 to 754 which is the lowest level in 18 previous months. Normally, by reduction of #oil wells, a fall in US #oil_production should be seen. Unlike the forecasts, we see a growth in efficiency of #US_oil_wells from 600 #oil_barrels per day to…
U.S. Commodity Futures Trading Commission (CFTC) declared that US investors have been selling #Silver #Euro #Aluminum and #Gold…and have started to buy #Copper, #Oil, #Pound and #Yen of Japan.
