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Stability of international oil prices – Paper Al – Hayat



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10 minutes on November 9, 2018
– Last updated in
8 November 2018 / 21:43

Oil prices have stabilized yesterday, under pressure, as the United States became the world's largest raw producer, having reached its highest level ever, but oil is also supported as China continues tracking another record of import imports .

Brent's raw future for the month was the $ 72 the nearest barrel, down 7 cents of the previous winter. The West American Intermediate core future of Texas was $ 61.72 per barrel, up to 5 cents of the previous settlement price.

The production of a US benchmark presses prices of up to 11.6 million pd during the week ending March 2, according to data from the US Energy Ministry of Energy. This is three times according to the United States production level 10 years ago and has been 22.2 percent higher since this year. So, the US becomes the world's largest raw producer. It is likely that more US oil will be pumped, as the Energy Information Administration expects the production to be more than 12 million bpd by mid 2019, thanks to a higher oil production.

Production is not only increasing in the US but also in some other countries, including Russia, Saudi Arabia, Iraq and Brazil, raising concerns among producers about returning surplus supplies with pressures of oil between 2014 and 2017. But China's imports of crude oil are on a low record, reducing concerns about renewed raw prices.

The Customs data showed yesterday that China's crude oil products rose regularly everyday in October, with the support of a small private record and strong edges. The Customs General Administration data showed that imports in October rose by 32 per cent year on year to 40.80 million tonnes, equivalent to 9.61 million barrels a day compared to 9.05 million barrels in September. The final record for imports daily was 9.60 million pd in April.

Exports rose by 8.1 per cent during the first 10 months of this year compared to the same period last year to 377.16 million tonnes, or 9.06 million pd, and go towards the highest level of annual hips. The standard volumes came as a result of strong imports of private burghs in China.

The total number of October imports is in line with the forecast of 40.95 million tonnes of Refinetiv. Natural gas imports in October through liquids and liquefied natural gas reached 7.3 million tonnes, which was 25.6 per cent over the same month last year, but less than 7.62 million tonnes in September.

In Japan, president of Fuji Oil Refining said the Atsu Shibota Refinery Company said the company would consider a new contract for Iranian oil imports after Japan had an exemption from US penalties on Tehran. He added that Iran's oil was competitive compared to other raw materials.


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