Al-Falih said in a speech that it is expected that monthly crude oil demand will be weak, and the country will take necessary actions to calm the anxiety of the global market. Earlier this month, news broke that Saudi Arabia is considering plans to reduce production by up to 400,000 barrels per day with other OPEC and non-OPEC oil producing countries. Currently, the market generally expects OPEC to implement production cuts at the policy meeting on February 6, but the specific extent of the production cuts is not Research crude oil analysisyet clear.
Take Venezuela as an example. After being subjected to continuous economic sanctions by the United States, the current daily output does not exceed 500,000 barrels, which has caused the country’s national oil companies to fail to fulfill their contracts and to carry out foreign transportation. Although the United States has not yet introduced specific sanctions, we believe that considering that crude oil production and exports are important sources of economic income for the above two countries, the United States will definitely increase its crackdown on its oil industry. In other words, Saudi Arabia and Russia took the opportunity to increase production in order to compete for global crude oil market share is an inevitable result of the current market structure.
Ltd. predicts that by 2025, Iraq’s oil production will reach 6 million barrels per day. In the next six years, its output will be the fastest growing country outside the United States. This figure is the same as BP's statistics.
OPEC’s latest data shows that Venezuela’s output has fallen to 509,000 barrels per day. Analysts expect that the situation in Venezuela will not deteriorate further in the next few months, and output will be further reduced by then.
In response to US sanctions, the European Union has issued a so-called blocking decree to resist US sanctions. The new law-the latest version of the European Union's blocking decree came into effect on August 7. The law protects European companies that conduct legal transactions with Iran from US sanctions. The blocking decree prohibits EU companies from complying with US sanctions, allowing these companies to be compensated for the harm caused by such punishments, and any adverse judgments made against them by foreign courts are invalid. The EU also warned that companies that comply with US sanctions may be subject to EU sanctions.
The Iran nuclear agreement has reserved a dispute coordination mechanism. If Iran files a complaint on this basis, it may at least indicate that Iran does not intend to withdraw from the Iran nuclear agreement immediately. The International Committee for Supervision and Verification of the Iran Nuclear Agreement will bring all the signatories of Six Plus OneResearch crude oil analysis together to discuss ways to escape the crisis. In this case, the three arbitrators on the committee will negotiate with the parties within two months. Later, Iran may make another decision.