In addition, PetroChina Xinjiang Oilfield Company recently announced that it has made new high-efficiency dIn what year did our crude oil price hit a record high of $147?iscoveries in the Mahu area of the Junggar Basin. A high-yield oil flow well was discovered in the newly discovered large oil field of 0 billion tons. The unfractured daily oil production was 406 cubic meters and the daily gas production was 60,000 cubic meters, setting a record high. In other words, the domestic supply of crude oil is sufficient, and oil prices may fall.
Judging from the historical average performance of oil prices after OPEC announced the increase in production, the news of the increase in production has had the greatest impact on oil prices within one to two weeks after the announcement. Over time, the impact gradually subsided. Months after the announcement, the oil price will significantly exceed the oil price when the production increase was announced. Combined with previous research on the crude oil cycle, it was found that after OPEC announced an increase in production, the oil price did not fall but rose instead occurred in the early stage of the investment cycle when the long-term supply of crude oil was extremely short. The extreme shortage of supply made it impossible to make up for the gap in supply and demand even if OPEC increased production.
At present, expectations of increasing production continue to heat up, but the voices of opposition are also obvious. The Iranian representative to OPEC is even more blunt, and three OPEC countries including Iran will vote against it. This means that by then the parties will inevitably have a fierce exchange of fire at the meeting, and Deutsche Bank believes that the infighting among members will make the meeting the most difficult one in seven years.
Kaombo oil field will also have a daily production capacity of 20,000 barrels, but this will take some time. As the reservoir pressure drops, the output of all oil fields gradually decreases over time, and the maintenance cost of deepwater operations in Angola is particularly high.
In fact, the United States imposed sanctions on Venezuela’s Maduro-related individuals and entities last Monday, but it avoided the blow to Venezuela’s oil industry. However, as early as February of this year, former US Secretary of State Tillerson said that sanctions on Venezuela's oil or prohibiting its sale of crude oil in the United States is something the White House has been considering. Whether the hammer of sanctions against crude oil will finally fall depends on the general election on May 20. PVM Crude Oil Consortium Analyst Varga Tamas
According to a report by the US financial website Zerohedge on 6th, Paul Barnes, the Arctic Director of the Canadian Petroleum Producers Association, said that Canada lags far behind other oil producers in developing offshore oil and gas resources.In what year did our crude oil price hit a record high of $147? Because Canada stopped drilling activities in Arctic waters in 206.
According to Wall Street analysis, only Saudi Arabia, the UAE, Kuwait, Iraq, Russia and the United States have the ability to increase production in the short term. For other oil-producing countries that do not have much room to increase production, if the relaxation of production cuts leads to a decline in oil prices, it will instead swallow existing benefits.