International oil prices have increased the most in 28 years, Iran refused to negotiate, domestic refined oil prices...
Saudi oil fields were attacked, Iran refused to negotiate, international oil prices rose to a new high, domestic oil prices...
Summary: Saudi oil fields were attacked, causing international Oil prices hit a 28-year high. Iran's refusal to negotiate with the United States has heightened concerns in the crude oil market. At 24:00 on September 18, China’s refined oil products will undergo the 19th adjustment of the year and will be raised again?
|International oil prices have reached a new high
[China Petroleum Network] News: On September 14, Saudi Aramco, Saudi Arabia’s largest oil company, is located in Abqa Petroleum processing facilities in the Gore and Khurais fields were attacked. Subsequently, Saudi Arabia’s newly appointed Energy Minister Abdul Aziz bin. Salman said that the affected oil supply is expected to reach 5.7 million barrels per day, accounting for approximately 50% of Saudi Arabia’s daily oil production. Nearly 6% of global oil production.
Affected by this, international oil prices rose rapidly on September 16. WTI crude oil rose by approximately 15% to US$63.34/barrel, and Brent crude oil rose by approximately 19% to US$71.95/barrel. Both WTI crude oil and Brent crude oil achieved their largest single-day intraday gains since 1991, that is, in 28 years.
However, the Saudi Energy Minister stated on September 17 that in the past two days, Saudi oil production has recovered by more than half, and it is expected that Saudi oil production will be fully restored by the end of September.
Just one day after oil prices hit their largest increase in history, oil prices fell. As of press time, WTI crude oil fell 0.50% to US$54.82/barrel; Brent crude oil fell 0.29% to US$60.56/barrel.
|Iran refuses to negotiate
Even so, there are still uncertainties in the crude oil market, such as Iranian oil supply.
Due to US sanctions, Iran's current oil exports have dropped by 80% compared with its oil exports before May last year. In August, Iran's oil exports decreased by 170,000 barrels per day from the previous month to 200,000 barrels per day.
originally thought that as the United Nations General Assembly approached, Iran and the United States could reach negotiations to ease oil supply concerns in the crude oil market. But recently Iran changed its mind.
First of all, there was an attack on a Saudi oil field. Although the Houthi organization claimed that it was responsible, US Secretary of State Pompeo accused Iran of being behind the attack, which aggravated tensions between the two countries.
Secondly, before the attack on the Saudi oil fields, the United States sent a signal that it was willing to negotiate with Iran, and Iran's attitude also softened. But on September 16, Iran’s Ministry of Foreign Affairs stated that the news about a possible meeting between Trump and Rohani was purely speculation.
html On September 17, Iran’s Supreme Leader Khamenei said: “The United States’ ‘maximum pressure’ policy against Iran is in vain. Iranian officials at all levels believe that negotiation with the United States is impossible at any level.” Iran and U.S. negotiations may collapse, raising concerns that Iran's oil exports will continue to decrease.
|Domestic refined oil products will...
have been affected by many aspects. Since this pricing cycle, the rate of change of crude oil has turned from negative to positive and continues to rise.
Jin Lianchuang estimates that as of September 17, the average price of the reference crude oil variety was US$59.5/barrel, with a change rate of 1.6%, corresponding to an increase of 100 yuan/ton for gasoline and diesel. If calculated based on this range, after the price adjustment, filling up a tank of fuel (50 liters) will cost an additional 3.5 yuan. For a model that runs 2,000 kilometers per month and consumes 8 fuel per 100 kilometers, the fuel cost will increase by 11.2 yuan/month after the price adjustment. Li Yan, an analyst at
Longzhong Information, said that on September 3, gasoline and diesel prices were raised by 115 yuan/ton and 105 yuan/ton respectively. International oil prices jumped. It is expected that domestic refined oil prices will be raised by 120 yuan/ton at 24:00 today. Welcome "two consecutive rises".
At present, the highest price of No. 92 gasoline is in Hainan: 7.75 yuan, and the lowest is in Xinjiang: 6.51 yuan; the highest price of No. 0 diesel is in Tibet: 6.82 yuan, and the lowest is in Heilongjiang: 6.04 yuan.
After this oil price increase, is it possible that domestic refined oil products will enter the "7 yuan era"?
Source: China Petroleum Network
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