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The outlook for oil prices is not good! On the eve of OPEC's production increase, usa oil giants are aggressively expanding production.
In the latest quarter, exxon mobil's oil & gas production increased by 24% year-on-year, chevron's production grew by 7%, while royal dutch shell and united kingdom BP increased by 4% and 2% respectively. According to Macquarie, if OPEC resumes production and with additional supply from Brazil and other places, the price of Brent crude oil may fall below $70.
Will Iran launch attacks against usa before the US election? The international oil market responds by rising again.
①According to sources, Israeli intelligence indicates that Iran will launch attacks on Israel through its proxies in Iraq, expected to occur before the US presidential election; ②The international oil market rose again under this news impact. After Thursday settlement, WTI futures prices rose more than 3%, Brent crude oil futures prices rose more than 2%.
Behind the sharp drop in oil prices, jpmorgan's "confusion": where did the sudden emergence of 45 million barrels of oil in the market come from?
JPMorgan believes that global crude oil inventories are underestimated as a key factor. The additional inventories may be stored in underground facilities, causing satellite monitoring companies to be unable to accurately track specific changes. Oil industry authority Ilia Bouchouev stated that when estimating crude oil supply and demand data, investors are like groping in the dark, making it difficult to obtain accurate results.
International oil prices plummeted sharply in the short term! Hong Kong petroleum stocks weakened against the trend, with the three major oil companies falling more than 2%.
①International oil prices plummeted in the short term, how is the medium to long-term market outlook? ②Hong Kong petroleum stocks weakened against the trend, what risks should be particularly noted?
Oil price decline dragging down, Sinopec's Q3 net profit plummeted by 52.1% year-on-year, CNOOC's revenue declined. | Financial Report Insights
Sinopec's net income in the third quarter dropped significantly, greatly reducing inventory income year-on-year due to the rapid decline in oil prices, as well as a slight narrowing of refining product gross profit; CNOOC's revenue declined year-on-year, but net production and net income increased significantly year-on-year, with significant cost advantages.
Middle East oil production is recovering, and Saudi Arabia's economic growth rate is expected to soar in 2025.
①According to a survey, economists generally believe that Saudi Arabia's economic growth will accelerate in 2025 benefiting from the increase in oil production; ② The survey expects Saudi Arabia's economy to grow by 4.4% in 2025, higher than the expected 1.3% this year, the fastest growth rate in three years; ③ In addition, the economic growth of other GCC member countries will also be strong, with the UAE becoming the fastest-growing country in the region.