After the US President, Trump stressed the close relationship with Saudi Arabian government, US oil prices fell to the lowest level in more than a year on Tuesday (20th).
Trump said in a statement, "As well as the United States, Saudi Arabia is the world's biggest oil producer. They work closely with us and work well with me to keep the oil prices at a reasonable level . This is very important to the world. " South Westerly
- Brent's sister closed down $ 4.50, or 6.74%, to $ 62.29 barrel.
- US Light Tense Oil Futures (WTI) closed $ 3.99, or 6.80%, to $ 55.31 barrel.
- US dollar prices closed US $ 5.87% to $ 1.480 gallons.
- Natural gas closed down $ 0.168, or 3.57%, to $ 4.532 per thousand cubic feet.
As the oil supply becomes more abundant, concerns about the global economic drag are rising. According to the EIA report of the Energy Information Administration, the USA's huge oil recordings have risen for a continuous eight weeks, at 442 million barrels at present.
In a week's report, Goldman Sachs's researchers wrote that translation traders sold harbor strategies to oil representatives in the form of add-on, and # 39; let crude oil buyers sell at a fixed price of $ 60.
Both retailers and producers are at risk of crushing oil prices, and # 39; Encouraging traders to settle those posts by selling oil contracts in the # 39; future market. According to Goldman Sachs, oil prices fell to a large extent in 2007 and 2012.
Traders said that oil prices fell by less than $ 55, which is like other traders for oil choices, and # 39; to sell retailers again.
OPEC and non-member factors
Surveyors said Iran's largest oil tankers in the United States were allowed to be released after sanctions, so OPEC had to cut a raw oil cut in order to support oil prices. OPEC will talk about rendering cuts by the Relatives; including Russia on 6 December.
Although Saudi Arabia has said its intention to reduce its provision in the global oil market, it reports that Russia is not willing to work cuts. There were 11.41 million barrels per day; in Russia's day production, up from 11.36 million barrels per day in September. Russian President Putin said, "About 70 dollars / barrels of SA are well suited to our needs, in particular we have about 40 US dollars / a barrel."
Korea and Japan will again enter the oil from Iran
The United States, the third largest representative of OPEC OPEC, has put EU economic bills on Monday (5th). The US President Trump in May decided this year to withdraw the United States from the 2015 international agreement so that there is an Iranian nuclear program. However, Trump's administration has given to the eight governments freedoms, including China, India, Italy, and, Greece, Japan, South Korea, Taiwan, and Turkey, and all of them can be introduced for a short time from Iranian raw oil without any negotiation.
Reuters told South Korea to include about 4 million barrel oil oil barrels in the last month, and Shi Geng Hongcheng's Japanese Trade Minister said Japan would also be preparing for to & # 39; introduces hard oil in Iran.
However, since most of the low oil vessels left in total in December, the quickest replacement should be & # 39; waiting in January. Japan's raw oil vessels appear to have vacancies and are expected to return to 100,000 barrels per day, and the amount of oil from Iran that has been introduced to Japan before the 165,000 barrels were infected every day.