The latest news shows that Baldin Duo, Secretary General of the Organization of Petroleum Exporting Countries, died late at night on the 5th, at the age of 63, and delivered a speech at the event that day.
When OPEC announced the successor of the Secretary-General in January, it praised Baldin for playing a key role in promoting OPEC and non-OPEC oil producers to reach a coordinated production reduction agreement in 216 and other major measures to expand multi-party cooperation and stabilize the international oil market.
At present, in the international crude oil market, countries such as the United States and Japan plan to limit the price of Russian oil to 4 to 6 dollars per barrel, but this measure has met with opposition from Germany.
Russia has previously indicated that if the export price of crude oil to Russia is limited to half of the current price of crude oil, it will push up the global energy price.
As Germany is still heavily dependent on Russian energy, we hope to be cautious until we find a reliable alternative source.
while western countries are discussing the imposition of price limits on Russian energy, Russia announced that it would suspend the operation of Caspian Pipeline Alliance for 3 days and stop exporting Kazakh crude oil to Europe, on the grounds that the pipeline has technical problems.
The pipeline alliance transports crude oil from Kazakhstan to the Black Sea through one of the largest oil pipelines in the world.
However, another source said that the oil export of the pipeline is still going on at present, but it is uncertain whether it will suddenly shut down.
Previously, the price of natural gas in Europe has soared due to the failure of a group of turbocompressors in Beixi No.1 natural gas pipeline.
According to the latest news, the strike of Norwegian oil and gas workers was quickly resolved, which made the European natural gas price fall from a four-month high on Wednesday.
According to the data, Norway is the most important supplementary channel of natural gas supply in this region after the Russian natural gas transportation to Europe has been greatly reduced.
At present, the price of Dutch natural gas futures, the benchmark of European natural gas prices, is 161 euros/mwh, after the contract price rose to 178 euros/mwh in the last trading day due to the strike of Norwegian oil and gas workers.
In addition, according to the previous EU ban, the EU will ban the import of coal from Russia from August.
at the same time, with the shortage of energy supply in Europe as a whole, relevant parties have begun to redefine green energy. France and other countries believe that nuclear energy is a low-carbon energy source, which is essential to replace Russian fossil fuels.
At present, the European Union has eliminated the last obstacle that natural gas and nuclear energy are considered as green energy, which enables this field to continue to receive capital investment.
at the same time, France also hopes to nationalize the French power company to cope with the rising energy prices.
Up to now, despite the soaring domestic energy prices in the United States, American liquefied natural gas and crude oil are still being shipped to Europe to replace Russian crude oil supply.
according to the statement released earlier, the United States will release strategic crude oil stocks in batches in five months from June to October, with the release scale reaching 1 million barrels per day, which is also a record release scale.
Last month, US strategic crude oil inventories fell to the lowest point since 1986.
Among them, some sources said that the third batch of US strategic crude oil stocks will be shipped to China due to the implementation of the agreement signed before.
However, although there are still unknown variables in the future supply, from a global perspective, with the introduction of a series of control measures in western countries, the bullish expectations of international capital markets for commodities are rapidly declining. First, they are worried about the decline in future demand. Second, the pace of interest rate hikes by central banks has also prompted funds to stay away from the current commodity markets with high prices.
some funds have also begun to increase the scale of investment in the origin of energy.
It is reported that Shell has become the latest international energy company to invest in a $29 billion project in Qatar, which aims to promote the export of liquefied natural gas, as Europe is competing for a new supply of this fuel.
Other companies that have invested before include Total Energy, ExxonMobil, ConocoPhillips and Eni Italy.
from the price point of view, Brent crude oil futures have fallen below $1 for the first time since April 25th, while London copper futures have fallen by nearly 2%, once hitting the lowest quotation since November 25th, 22, while tin and nickel have also fallen by 4.4% and 3.7% respectively.
However, the price of zinc and aluminum with tight supply rebounded slightly.
On the whole, the current general correction of commodity prices is of positive significance to the economic recovery, which helps to correct the current weak market demand, and even more and more people are worried about the commodity bear market.
With the recent decline in the prices of international commodity markets, the United States has also re-issued measures on Iran's oil sanctions, expanding the scope to companies and individuals that trade with Iran's oil and petrochemical products.
according to the U.S. treasury, these companies helped Iran transport and sell hundreds of millions of dollars worth of oil and petrochemical products to East Asia.
The market predicts that the oil supply from Iran will drop significantly in the future.
In fact, some traditional buyers of Iranian oil have turned to the Russian market since May, when Russian oil offered higher discounts.
At present, it is reported that the price of Iranian crude oil has been declining, aiming at attracting buyers to return to the Iranian crude oil market.
It is reported that the current Iranian offer to independent refineries in China is nearly $1/barrel lower than the benchmark Brent crude oil futures price, which is equivalent to the price of Russian Ural crude oil delivered to China.
These independent refineries are all private enterprises, while the state-owned oil companies have increased their imports of Russian crude oil since May.
According to the news, Sinopec purchased about 2 million barrels of crude oil in May and June because the Russian crude oil price was 2 dollars lower than the benchmark Dubai crude oil price.
at the same time, China cut its imports from Saudi Arabia and Iraq.
according to the current forecast data, Russia may continue to be the number one crude oil supplier in China in June.
However, the purchase news of China Oil Factory mentioned above has not been confirmed by the government.
On the whole, India is still the largest buyer of Russian crude oil in Asia.