Saturday , October 1 2022

These three have the keys to the oil market and not the "OPEC"


OPEC has lost control of the oil markets, and this vital market process of the global economy is determined by three figures, by making statements or tweets.

The leaders of the world's top three oil producers, Russian presidents Vladimir Putin and Donald Trump, along with Prince Salman's Crown Prince, will influence oil prices in 2019, Bloomberg reported in an analytical paper published Sunday.

While OPEC is struggling to unify the ranks, the United States, Russia and Saudi Arabia dominate the world's oil production, with the output of the three countries of black gold exceeding 15 OPEC members, the agency said.

She noted that the US, Russia and Saudi Arabia are pumping oil at record levels, each of which could increase production in 2019, although it does not prefer this possibility.

Russia's crude, LNG and LNG production is $ 12.3 million, Saudi Arabia's production is 12.2 million barrels per day, while its output in the US is $ 15.2 million, according to Bloomberg data.

Comparison between the production of Russia, Saudi Arabia and the United States of crude oil, condensate, liquefied natural gas,

Moscow and Warsaw led OPEC's oil producers in June to ease restrictions on oil production from the beginning of 2017. Both countries raised crude production to or near peak levels.

At the same time, US output rose unexpectedly as US President Donald Trump returned to impose sanctions on Iranian oil exports, indicating a possible shortfall in oil supplies, but fears in the oil markets collapsed as oil stocks rose in developed OECD countries (OECD).

On the impact of these three countries on the oil market, Bloomberg noted that Saudi Arabia, which relies heavily on oil revenues, has decided to reduce its exports by about 500,000 barrels per day next month as its prices on the market.

The Trump News and criticism of the Organization of Petroleum Exporting Countries (OPEC) to cut production has also had a significant impact on prices, with prices falling every time the US president launched a gaffe.

The agency said President Putin's statement that the price of a $ 70 barrel of oil was suitable for Russia, suggesting that "Moscow will decide not to extend the reduction of production during the OPEC meeting next month," but will continue to cooperate with Riyadh in the oil market in 2019 .

Source: Bloomberg

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