Global oil markets have tested all the tracks and trends over the past three years and have been subject to plans and programs aimed at improving pricing efficiency, controlling production and managing the growth of the global economy. In addition, it provides a global platform through which speculative and price levels can be set, as speculators want, especially in conditions of instability and many in energy markets.
On the other hand, producing countries have faced many challenges, due to the abandonment of energy markets from the standards of low prices and sharp speculation on the high price ceilings, and remained the oil consuming countries the most benefit from the tracks, because the periods of low prices exceeded those times for rising, so there is nothing to do to maintain Stability of the economies of producers.
As global oil markets become increasingly unstable, Crescent Petroleum said in its weekly report, "The global oil markets are far from fundamentals related to economic data, financial indicators in consumer markets, targeted growth plans, internal demand for oil and demand growth rates Current and projected global, to track US inventory levels and the supply of rock oil. " "This reflects the wrong indicators of the performance of oil markets, and the feasibility and credibility of prices traded."
The report stressed that "it is not feasible to focus on the US market and the stock index only as a consumer and producer of oil to determine the price path and daily closing and subsequent changes, because the global production of oil exceeds 96 million barrels per day, and therefore it is necessary to find mechanisms for pricing and follow-up and determine the real sources of impact on oil prices On a daily basis, which must include all consumption and production markets as one package. "
"The daily measurement tools and the assumed benchmarks include demand from China and its daily needs, estimated at 6.6 million barrels of oil and 60 billion cubic meters of natural gas," he said. To a demand level of 11 million barrels per day, while the volume of demand for gas 205 billion cubic meters While the level of production can be added to OPEC, and is likely to exceed production of 33 million barrels per day this month, taking into account the size of Russia as a producer Oil and gas, which are also considered by big consumers the world". At this level of comprehension, "the references and fundamentals of energy markets that have been exhausted from their long-standing association with US stocks can be reformulated."
The report noted that "the reduction plans adopted by the members of the (OPEC) and independent, are being eroded on a daily basis due to weak references, and therefore the current oil prices are low in spite of the feasibility of the agreement to reduce production, and at an exceptional level of compliance with the signatories to the reduction of production, And control over the supply glut. "
On the most important events in the oil and gas sector, Abu Dhabi-based Barron Point Petroleum Services announced its cooperation with PetroVietnam National Oil and Gas Company to finance, build and operate petroleum pipelines and storage space in Vietnam and to supply petroleum products in international markets. And their trade.
A $ 150 million plantation system on Phu Quoc Island was selected to supply and store crude oil and refined petroleum products, as well as public warehouse supplies, to serve South Vietnam and the expanded Southeast Asia region. The plant's growth prospects include the absorption of refined fuel in markets such as Vietnam, Cambodia, the Philippines, Myanmar, Indonesia and Singapore.
In Saudi Arabia, Saudi Aramco is considering the construction of new facilities to increase the production of heavy Arab crude from the offshore field. It is expected that in the central processing plant, two units of capacity up to 600 thousand barrels per day to handle heavy Arab crude, which is extracted through submersible electric pumps.
Sources reported that submersible electric pumps are required in this increase of the field of the shadow, because the pressure of the reserves of heavy Arab crude in the reservoirs is lower than the reserves of the average crude. Aramco is likely to invite companies to bid for engineering and design later this month and seal contracts in September. And will take the completion of the project until 2021. Sources in the sector estimated the production capacity of the field of Zulfof between 550 thousand barrels per day and 600 thousand.
In Iraq, the Minister of Oil "keen to develop oil fields border joint with neighboring countries, to take advantage of the oil wealth and gas in them in support of the rates of production and reserves of Iraqi oil."