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Sino-U.S. trade war oil and gas production key, oil prices plummeted, Boao report: Asian economic development contrarian development

Sino-U.S. trade war oil and gas production key, oil prices plummeted, Boao report: Asian economic development contrarian development

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Today's oil price


According to a report released by Baker Hughes on the 6th, the number of oil wells operated by the United States this week increased by 11 from the previous week to 808, indicating that US shale oil producers continue to increase production. International oil prices closed lower on the 6th. As of the close of the trading day, the light crude oil futures prices delivered on the New York Mercantile Exchange in May 2018 fell 1.48 US dollars to close at 62.06 US dollars a barrel, a decrease of 2.33%. The London Brent crude oil futures price for delivery in June 2018 dropped by $1.22 to settle at $67.11 per barrel, a decrease of 1.79%.


Today’s headlines


On April 6, U.S. President Trump threatened to levy tariffs on China’s 100 billion U.S. dollars in imports, and international crude oil prices quickly fell back, plummeting 2%, and Brent crude oil prices fell 0.7% to US$67.85 a barrel; WTI Crude oil prices closed at $63.02 per barrel. This week, due to OPEC supply restrictions, oil demand was relatively stable and oil prices stabilized, but trade disputes still exist. (CNBC)


On April 8, the Boao Forum for Asia released a report saying that unlike North American and European deglobalization, the unified market in Asia is accelerating. The report pointed out that Asian regional economic integration has a strong Chinese engine color, and the "One Belt and One Road" dividend has become an important pull for regional economic integration in Asia.


At present, the tense trade relationship between China and the United States has caused great concern at home and abroad. In response to the loss of profits caused by the U.S. 232 measures to China, the Chinese government has also issued new regulations concerning tariffs, which will suspend tariff reduction obligations on certain imported goods originating in the United States and impose a tariff of 15% or 25%.


China Energy Information


At the beginning of 2017, when reviewing the results of the first year of the “13th Five-Year Plan” of coalbed methane, the industry thought that the 2016 CBM industry had delivered a “disturbing report card”. The fundamental reason was that China’s CBM industry was still lacking in efficiency. Supporting policies and measures. According to preliminary statistics, in 2017, China produced 17.8 billion cubic meters of coalbed methane, with a utilization of 9.3 billion cubic meters, which was a decrease of 0.56% and an increase of 4.49% year-on-year, compared to 17.9 billion cubic meters and 8.9 billion cubic meters in 2016, respectively. The overall growth of the coalbed methane industry has shown weakness, followed by fatigue, signs of decline. (China Energy Network)


The People's Daily reported on April 8 that in recent years, China’s clean energy continues to expand, and the clean, low-carbon, safe, and efficient energy system is being accelerated. Since the party’s 18th National Congress, the proportion of coal consumption in China has dropped by 8.1 percentage points, and the proportion of clean energy consumption has increased by 6.3 percentage points. Judging from the recently released data, China’s energy structure is shifting from diversification to diversification, and the power for energy development is changing from traditional energy growth to new energy growth.


In 2018, the Beijing Institute of Chemical Industry in China will earnestly implement the spirit of the company's work conference, improve its own scientific and technological development plan, pay attention to the research and development of high-end materials and reserves, use new technologies and new products to effectively support the development of the chemical industry, and create new benefits for the company. The growth point has helped the Group to step through the stage of the adjustment of the industrial structure and the growth momentum to successfully lead the world.

A report released by the United Nations Environment Program indicates that in 2017, solar power accounts for more than one-third of the energy generated, which is higher than any other new energy source, and the price of solar energy is becoming cheaper. According to this study, since 2009, the cost of electricity for large-scale solar projects has dropped by 72%. So far, the global leader in renewable energy investment is China. Of all renewable energy investments in the world, China accounts for nearly half, and in 2017 it injected only 86.5 billion U.S. dollars with solar energy. (CNBC)

Sinopec revealed that a few days ago, the Hainan Yangpu-Ma village oil product pipeline successfully completed the transportation of jet fuel. This is the first time that Sinopec has transported jet fuel through pipelines in South China, which will provide a strong guarantee for the fuel supply of Hainan Meilan Airport.


International Energy Information


Due to the deepening oil industry crisis in Venezuela, OPEC’s crude oil output in March fell to its lowest level in one year. According to a survey of analysts, oil companies, and ship tracking data by the US Bloomberg News recently, OPEC’s 14-member country’s daily crude oil output in March decreased by 170,000 barrels to 3204 million barrels, which was 31.9 million barrels per day in April last year. The lowest level since crude oil. Before April of last year, Equatorial Guinea, which produced 130,000 barrels of crude oil in March, was not part of OPEC. In March, the daily output of crude oil from OPEC’s actual leader and the largest oil producer in Saudi Arabia fell by 10,000 barrels to 9.87 million barrels.


After Eni successfully found the Zohr discovery in Egypt, it began to transfer some of its stake in the project step by step, and used the funds to obtain oil and gas assets in the Middle East. Recently, Eni and Abu Dhabi have signed an agreement to acquire a partial stake in two Abu Dhabi offshore blocks for US$875 million, and to exchange US$575 million for 10% of UmmShaif and Nasr license blocks. Equity, for $300 million in exchange for a 5% interest in the LowerZakum license block.


On April 4, Shell announced that it had reached an agreement with the Palestinian Investment Fund to sell its entire interest in the Gaza Marine gas field licenses in the sea surrounding Palestine. Shell said that this is one of the measures to simplify and improve its asset portfolio. The company will focus on developing its most competitive upstream business and create world-class investment cases.


Russian Energy Minister Novak said that once the joint production agreement expires at the end of this year, the cooperation arrangements between Russia and OPEC can be indefinite. At the same time, Novak reiterated his proposal to create a joint agency with OPEC to coordinate actions in the global oil market.


Last winter, the inventory of oil and gas reserves in northwestern Europe suffered a hurricane that pushed up the value of the energy contract in the summer of 2018. According to data from Standard & Poor's, as of the end of March, natural gas inventories in France, Germany and the Netherlands totaled nearly 450 million cubic meters, and natural gas demand in Russia and Norway this summer is expected to peak. The United Kingdom is still structurally dependent on gas-fired power generation, and the market reflects that its gas and electricity prices rose by 7% and 9% respectively in the first three months. For Germany and France, natural gas is not an important factor in the formation of electricity prices in summer. For hydropower, after entering the summer, demand from France, Germany, Italy and Spain will increase by 3.5GW to 4GW. (platts)