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Russia to defend oil market share in the European market

Russia to defend oil market share in the European market

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
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Russia to defend oil market share in the European market

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information
Russian government sources said on Monday that Russia will provide a greater discount to the Ural mixed oil to protect the traditional European market share, which once again shows that Russia's determination to protect its market share.
According to industry insiders and officials on Friday (November 20th) revealed that in December this year, held in Vienna Petroleum Exporting Countries (OPEC) meeting before or after the meeting, Russia and OPEC on the possibility of reducing oil production to achieve cooperation is very low.
So far, Russia still firmly refused to cut, partly because Russia was involved in the fight against the market, production may mean losing market share, Russia's budget heavily dependent on oil revenues. So any of the cuts are required for OPEC synchronization.
Venezuela's oil minister Del Pino Eulogio said Sunday (November 22nd), unless the oil exporting countries (OPEC) to take action to stabilize the market, otherwise oil prices may fall to about $25 / barrel.
U.S. Federal Reserve Chairman Williams on Saturday (November 21st) said that as long as the U.S. economic data is not disappointing, the Fed meeting next month will have a strong reason to raise interest rates.
Current federal interest rate futures show that the Fed's interest rate hike in December has increased from 50% to 68% in the end of the month. U.S. dollar index rose again on Monday, and hit a 7 month high of 99.98, so that the gold price pressure.
According to the U.S. Commodity Futures Trading Commission (CFTC) on Friday (November 20th) released data show that hedge funds to cut U.S. crude oil inventories fell to the lowest level since August, due to concerns about the U.S. crude oil inventories approaching record highs in April.
U.S. Energy Information Administration (EIA) on Wednesday (November 18th) released data show that the United States crude oil inventories rose for eighth consecutive weeks, stocks rose to more than a barrel, approaching record highs in April hit a record high.
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