The positive news of vaccine research and development directly led to the rise of European and American stock markets. In addition, OPEC + production reduction continued, European and American countries also relaxed epidemic control measures, and international oil prices rose sharply to a two-month high.
WTI crude oil futures for June delivery rose as of May 19, Beijing time 8.12% , report thirty-one point eight two USD / bbl; Brent crude oil futures for July delivery up 7.11% , report thirty-four point eight one USD / barrel.
On the same day, U.S. energy stocks rose, while ExxonMobil rose 7.95% , Chevron up 5.33% , ConocoPhillips rose 6.68% , Schlumberger up 12.54% u3002
A month ago, due to the continuous increase in crude oil supply, global oil demand declined significantly, including oil storage tanks and offshore oil tankers, which led to the negative contract price of WTI crude oil futures in May.
Since then, oil producing countries have substantially reduced production and global crude oil demand has gradually recovered, with international oil prices rising steadily.
Helima Croft, head of global commodity strategy at Royal Bank of Canada, believes that the crude oil market is gradually recovering as energy demand in China and the United States picks up and OPEC + organizes coordinated production reduction.
According to the production reduction agreement reached by OPEC + in April, OPEC + cut production by 9.7 million barrels / day from May to June this year; the production reduction scale from the end of July to the end of the year is 7.7 million barrels / day.
On May 11, Saudi Arabia announced an additional 1 million barrels / day production reduction in addition to the OPEC + production reduction plan; Kuwait and the UAE followed up.
OPEC expects non OPEC countries to reduce crude oil supply by 3.5 million barrels per day in 2020 and 1.5 million barrels per day last month.
Shale oil production in seven major shale basins in the United States will fall by a record amount in June, according to a report released by the EIA on May 19 nineteen point seven Million barrels / day, from Mays eight hundred and one point nine Million barrels / day down to seven hundred and eighty-two point two Million barrels / day.
According to the EIA, US shale oil production in June will fall to its lowest level since August 2018. Among them, Texas and New Mexico have the largest decline in oil production in the Permian Basin, about Eight point seven Million barrels / day. In March, US oil production reached a record high of 12.87 million barrels / day; in April, it fell to 12.39 million barrels / day, a decrease on a month on month basis 3.73% u3002 EIA expects us crude oil production to fall to 11.66 million B / D in May, down from Marchs high 9.1% By October of this year, crude oil production in the United States had dropped to a full year low of 10.87 million barrels / day. According to Baker Hughes statistics, the number of U.S. oil rigs for the week ending May 15 decreased by 34 from last week to 258, only a third of the same period last year. Source: editor in charge of interface news: Yang Bin_ NF4368
According to the EIA, US shale oil production in June will fall to its lowest level since August 2018. Among them, Texas and New Mexico have the largest decline in oil production in the Permian Basin, about Eight point seven Million barrels / day.
EIA expects us crude oil production to fall to 11.66 million B / D in May, down from Marchs high 9.1% By October of this year, crude oil production in the United States had dropped to a full year low of 10.87 million barrels / day.