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Producer price news to boost international oil prices rose sharply on the 6

Producer price news to boost international oil prices rose sharply on the 6

  • Categories:Industry News
  • Author:
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  • Time of issue:2020-03-31 14:57
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Producer price news to boost international oil prices rose sharply on the 6

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information

The major oil producers Saudi Arabia increases the news boosted, 6 international oil prices rose sharply.

Saudi Arabia decided to increase exports to Asia in May the official price of crude oil, which is to improve the export price of crude oil in Saudi Arabia for second consecutive months. The marketwill be the news as the organization of Petroleum Exporting Countries (OPEC) to take in order tocompete for market share price war is successful, some of the excess capacity began to withdraw from the market.

OPEC crude oil production accounted for about 1/3 of the world. In November 27th last year,OPEC ministerial meeting in Vienna, announced after the meeting does not cut. After oil prices continued to fall, led by Saudi Arabia OPEC countries still said it would not cut.

The United States oil technology Service Corporation Beck Hughes 2 released data show that as of last week, the United States the number of oil drilling operations declined for 17 consecutive weeks, showed lower oil prices forced many U.S. crude oil mining firms to cut investment spending.

As of the date of closing, the New York Mercantile Exchange in May delivery of light crude oilfutures prices rose 3 U.S. dollars, to close at $52.14 a barrel, up 6.1%. May delivery of London Brent crude oil futures prices rose 3.17 U.S. dollars, to close at $58.12 a barrel, up 5.77%.

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