The International Energy Agency will release crude oil reserves. In order to cool oil prices, the International Energy Agency held an interim ministerial meeting on March 1 and decided to jointly release 60 million barrels of crude oil reserves. International oil prices continue to soar. The International Energy Agency will release crude oil reserves.
According to foreign media reports, the US Department of Energy said on Tuesday (March 1 day) that the United States and 30 other member countries of the International Energy Agency (IEA) have agreed to release 60 million barrels of oil from strategic reserves to stabilize the global energy market, and the conflict between Russia and Ukraine has pushed crude oil prices soaring. It is reported that 30 million barrels will be provided by the United States.
The announcement of this news took place before US President Biden delivered his State of the Union address to Congress, but it failed to calm people's concerns about the Ukrainian crisis and the supply disruption caused by sanctions against Russia. After the news came out, the US stock market still plunged.
Oil prices have soared to the highest point in seven years, or will exceed 150 USD in the next few months.
It is reported that after the announcement of the news, the oil price soared, and the US crude oil price reached the highest level since 2065438+June 2004.
The US benchmark West Texas Intermediate crude oil futures price (WTI) rose by 1 1.3% to 106.50 USD per barrel, and then fell back to 105 USD. The price of Brent crude oil, the international benchmark, rose by 9.5% to 107 USD, the highest level since July 4, and then fell to 103 USD.
= data map. Chevron operates an oil well in Santo, California, USA.
It is reported that since the fierce conflict between Russia and Ukraine broke out last Thursday, the oil price has exceeded the $0/00 mark per barrel. There is a shortage of energy in the already tense market, and some analysts worry that the oil price may exceed $0/50 per barrel in the coming months.
Morgan Stanley raised its forecast for the near future oil price, saying that the Ukraine incident has led to "a risk premium of oil price, which will continue to exist in the coming months."
The company currently predicts that the average price of Brent crude oil will reach $65,438+065,438+00 in the second quarter of this year, which is higher than the previous forecast of $65,438+000. According to the company's most optimistic forecast, oil prices will jump to $65,438+$025. The company added: "Even a small interruption will have a great impact on the price when the market supply is tight."
Biden has repeatedly tried to prepare American consumers for rising oil prices. "I won't pretend that there is no pain," he said on Tuesday. At the same time, he added that his government "is prepared to use all means at our disposal to alleviate this pressure."
= = The Organization of Petroleum Exporting Countries will discuss oil production in April.
It is reported that the Organization of Petroleum Exporting Countries and oil-producing countries including Russia will hold a meeting this week to discuss the oil production in April.
60 million barrels of water can hardly make up for the loss of Russian supply.
It is understood that this is the fourth time in the history of IEA to make such a coordinated decision. However, transporting 60 million barrels of oil from the global strategic oil reserve is unlikely to have an immediate impact on oil prices.
The strategic reserves of the United States are stored in caves in Texas and cannot be directly obtained by refiners. Of the 60 million barrels of oil released this time, 30 million barrels will be provided by the United States. US Energy Secretary Jennifer granholm said that the United States "will take additional measures when conditions permit."
"The situation in the energy market is very serious and needs our full attention," Faith Birol, director of the International Energy Agency, said in a statement. "Global energy security is threatened, which makes the world economy in a fragile recovery stage."
According to IEA statistics, the transportation of 60 million barrels of crude oil accounts for 4% of the emergency reserves of 654.38+0.5 billion barrels of member countries, but this figure is only equivalent to Russia's output in about 6 days and its export volume in 654.38+0.2 days.
"60 million barrels is not much, but it is the final bottom line," Bob Jacob, head of the US distribution futures department of Mizuho Securities, pointed out in an interview that 60 million barrels of oil is almost meaningless and insufficient to make up for the loss of supply from Russia.
However, Rebecca Schmidt, a senior energy trader in private real estate at the Imperial Commercial Bank of Canada, said that although the move was expected, it could still "provide a moderate buffer in the short term". Babin added: "This is not meaningless, but it is nothing compared with the interrupted Russian supply."
The International Energy Agency will release crude oil reserves. Recently, due to the conflict between Russia and Ukraine and the severe western sanctions against Russia, the international oil price rose above $0/00 per barrel. In order to cool oil prices, the International Energy Agency held an interim ministerial meeting on March 1 and decided to jointly release 60 million barrels of crude oil reserves.
Although the market had long expected the above news, the international oil price still rose sharply in early trading. After the International Energy Agency announced the release of crude oil reserves, the increase only narrowed slightly. In subsequent transactions, international oil prices continued to rise.
As of the close of the day, the futures price of light crude oil for April delivery in the New York Mercantile Exchange rose by 7.69 USD to close at 103.4 1 USD, with an increase of 8.03%, and the highest intraday price rose to 106.78 USD; London Brent crude oil futures for May delivery rose by $7 to close at 104.97 USD per barrel, with an increase of 7. 15%, and the highest intraday price rose to 107.57 USD per barrel.
Market analysts believe that the decision of the International Energy Agency to release crude oil reserves failed to effectively cool down the oil price, because the scale of the reserves released this time was smaller than market expectations, which was insufficient compared with the shortcomings of global crude oil consumption and potential supply. In addition, the scale of the actual reduction of Russian crude oil supply is still difficult to determine, and the prospect of the Ukrainian crisis is unknown, which also aggravates the market's concern about the further deterioration of the energy supply situation.
The International Energy Agency (IEA) announced on June 1 that its 3 1 member countries decided to release 60 million barrels of crude oil reserves, including 30 million barrels promised by the United States. The media previously reported that members of the International Energy Agency may release 70 million barrels of crude oil reserves, and the United States will release 40 million barrels of crude oil reserves.
According to the statistics of the International Energy Agency, its member * * * has an emergency crude oil reserve of 65.438+0.5 billion barrels, and the scale of this decision accounts for about 4% of the total. According to the scale of 2 million barrels per day, it can be continuously put into operation for 30 days. This is the fourth time that 1974 International Energy Agency has jointly released crude oil reserves.
According to estimates, the scale of crude oil reserves released by IEA members this time is equivalent to Russia's crude oil production in six days or its crude oil export in 12 days.
Jennifer granholm, the US Secretary of Energy, announced on the same day that the decision of the International Energy Agency was committed to dealing with the serious market and supply shocks related to the Ukrainian conflict. The United States will release 30 million barrels of strategic crude oil reserves. If necessary, the United States is prepared to take more measures as appropriate.
Matt Matt smith, chief oil analyst of Kaeppler Company, a market research institute, said that in view of the delay between the announcement and the actual inflow of crude oil into the market, it is expected that the biggest impact of the release of crude oil reserves by the International Energy Agency will be the impact on market psychology.
Bob Jorge, head of energy futures business of Mizuho Securities USA, said that 60 million barrels of crude oil did little to change the situation and was not enough to offset the loss of Russian crude oil supply. "In short, 60 million barrels is not enough."
Rebecca Babin, a senior energy trader at Imperial Commercial Bank of Canada, said that the released crude oil reserves can provide a moderate buffer in the short term, but it is not enough compared with the scale of Russian crude oil supply interruption.
In addition, some analysts pointed out that in addition to the shortage of supply, factors such as reduced willingness to buy, payment bottlenecks and financing difficulties may also hinder transactions and aggravate the rise in oil prices.
Carsten Fritsch, a commodity analyst at Commerzbank, said that due to uncertainty, commodity consumers are increasingly reluctant to buy oil, liquefied natural gas, coal, metals and food from Russia. Fritsch said that many Russian banks were excluded from the SWIFT system, which made payment more difficult. In addition, some western banks refused to provide financing for these transactions.
Michael lynch, president of the American Energy Economic Strategy Research and Consulting Company, said that the market reaction shows that the market expects that Russian crude oil supply will be greatly reduced in the case of escalating conflict. Traders believe that the release of crude oil reserves is a prelude to the implementation of greater sanctions and further reduction of crude oil supply in the West.
In addition, Canadian Prime Minister Trudeau recently announced a ban on importing oil from Russia, becoming the first western country to impose an oil embargo on Russia due to the Ukrainian conflict. The released signal made the market uneasy.
The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers are scheduled to hold a ministerial meeting on the 2nd to discuss the crude oil production quota in April. The market expects that OPEC and non-OPEC oil producers will continue to implement the production increase plan for several months.
The International Energy Agency will release crude oil reserves. The Board of Directors of the International Energy Agency (IEA) issued a statement saying that some of its member countries agreed to release 60 million barrels of strategic oil reserves on Tuesday to compensate for the oil supply interference caused by the tension between Russia and Ukraine.
Screenshot of Reuters report
Reuters said that after several countries imposed sanctions on Russian companies, banks and individuals, Russia's oil trade was disturbed. The report pointed out that the oil trade itself is not affected by sanctions, but buyers from various countries are giving up buying Russian oil to prevent them from unknowingly violating sanctions.
After the special ministerial meeting of 3 1 member countries of the International Energy Agency, the US Department of Energy said that half (30 million barrels) of crude oil in the plan would come from the United States.
An oil refinery in Detroit Source: Associated Press
"We are prepared to use all available tools to limit the interference of President Putin's actions on the global energy supply," White House Press Secretary Jane Psaki said in a statement issued after the meeting of the International Energy Agency.
Fatih Birol, executive director of the International Energy Agency, said that the current energy market situation is "very serious and needs our full attention".
"Global energy security is threatened, and the global economy is at risk in the fragile recovery stage." Biro said in a statement. The statement pointed out that member States will consider further releasing reserves when necessary.
Hagiudakouichi, Japanese Minister of Industry, said that the specific share of member countries will be determined in the next few days, and some IEA member countries have agreed to provide petrochemical products to Ukraine.
According to the data of IEA, this 60 million barrels of crude oil accounts for about 4% of the emergency reserves of 654.38+0.5 billion barrels of IEA member countries. According to the calculation of releasing 2 million barrels a day, it can last for 30 days.
According to the report, Russia's energy exports are further disturbed, which may lead to a further surge in global oil prices. Russia is one of the largest oil producers in the world, exporting about 4 to 5 million barrels of crude oil and 2 to 3 million barrels of fuel every day.
Last June, 5438+065438+ 10, Biden ordered the release of a record 50 million barrels of oil from the US strategic reserve, with the aim of reducing fuel and other costs in coordination with other major energy consuming countries, including India, Britain and China.
The IEA was not involved in coordinating this action at that time, saying that it was only a collective response to major global supply disruptions. The last time IEA coordinated the release of oil reserves was at 20 1 1, when the Libyan civil war led to the interruption of oil supply.