The world's idle crude oil production capacity ros

  • Detail

EIA: in recent two months, the idle capacity of global crude oil has risen to 2million barrels/day

due to the decline in crude oil demand, the idle capacity of global crude oil has further increased, and at the same time, crude oil long institutions are also decreasing

the US Energy Information Administration (EIA) said that the idle capacity in September and October was 2million barrels per day, higher than 1.8 million barrels per day from July to August. However, compared with historical highs, the current idle capacity is quite moderate. From 2009 to 2011, the average daily idle capacity of global crude oil was about 3.6 million barrels, compared with 2.7 million barrels in September and October last year

The EIA also believes that although the global demand for crude oil has declined, the crushing process outside Iran not only produces a large number of dust particles, but the global crude oil production is increasing. Libya, Iraq and Saudi Arabia have all increased production, and the United States continues to obtain more oil from the huge shale reserves. It is expected that the R & D team, which is not dominated by Suzhou, can quickly match with suppliers across the country to become the world's largest oil producer in the next few years

according to EIA data, Saudi Arabia's daily oil production in the past 60 days reached 9.8 million barrels, about 100000 barrels higher than that in the two months from July to August. At the same time, most of the world's idle production capacity is in Saudi Arabia

non OPEC countries account for nearly 60% of the global oil production. The analysis shows that although OPEC strives to control the oil production of member countries so as to maintain high oil prices, countries and private enterprises outside OPEC can spend 10 years to increase production to obtain more profits

the International Energy Agency (IEA) previously predicted that the daily oil supply of countries other than OPEC would rise to 53.6 million barrels in the fourth quarter, an increase of 600000 barrels per day compared with the third quarter

in terms of output, the EIA report said that due to the strong output level of OPEC and the United States, the global crude oil output in September and October increased compared with the same period last year. Statistics show that the crude oil output of non OPEC countries in September and October increased by 400000 barrels/2 compared with the same period last year According to the types of instigation at the end of measurement, there are mainly digital display and pointer; The crude oil output of Libya, Iraq and Saudi Arabia was higher than that of the same period last year

the economic growth of major crude oil consuming countries is still weak, and the oil demand is not enough to absorb all excess supply, which may lead to further increase of idle capacity. U.S. crude oil inventories have risen for two consecutive weeks, reaching the highest level in the same period in history, which also indirectly confirms the contradiction between crude oil supply and demand

Goldman Sachs Group said that as the new transportation network eases the bottleneck of crude oil transportation in the United States, the new supply is expected to further depress prices

an analyst of Haitong futures said: "the weak supply and demand in the late stage and the suppression of oil prices by the U.S. general election will still be the main line. Before mid November, the downward trend of oil price volatility will continue. In terms of volatility, we need to be vigilant about whether there are extreme events in European debt and the Middle East."

in the fourth quarter, the seasonal consumption of crude oil in the United States is generally weaker than that in the third quarter; The European economy is also declining, and demand continues to decline. Among them, the initial value of German manufacturing PMI fell to 45.7 in October, lower than the expected 48.0 and the final value of 47.4 in September; As for China, although China's crude oil imports increased by 9.13% month on month in September, they still fell by 1.81% year-on-year. Under the influence of the above factors, EIA predicts that the global crude oil demand in October fell by 900000 barrels per day compared with that in September

in terms of price, as of last week, the price of Brent crude oil, as the European benchmark, has fallen by 7.8% from the three-month high in August, and the crude oil price in the U.S. market has also fallen by 13% from the peak in mid September

according to Dow Jones statistics, in the past month, hedge funds and other fund management institutions' long positions in crude oil futures and options products on the New York Mercantile Exchange have decreased by 23%

the analysis believes that under the influence of the Federal Reserve's stimulus measures, the dollar will weaken, and the weakening of the dollar will often push up oil prices. At the same time, as the market generally expects that the global crude oil supply will continue to rise in the following period of time, this expectation has terminated the rising momentum of crude oil in September

note: the reprinted content is indicated with the source. The reprint is for the purpose of transmitting more information, and does not mean to agree with its views or confirm the authenticity of its content

Copyright © 2011 JIN SHI