On April 5, Saudi Arabia postponed the announcement of its official oil selling price for May due to the intensification of the dispute between Saudi Arabia and Russia. There were previous reports that the OPEC+ video conference originally scheduled for April 6 may be postponed. A feud between major oil producers Saudi Arabia and Russia and a lack of commitment from U.S. oil companies on production cuts could put pressure on crude prices again.
Affected by the postponement of the OPEC production reduction meeting, international oil prices fell sharply during the Asian trading session on Monday. WTI crude oil futures once fell by more than 10%, hitting a low of $25.28/barrel; Brent crude oil futures also fell sharply, hitting a low of $30.03/barrel.
According to real-time statistics released by Johns Hopkins University in the United States, as of 7:00 on April 6, Beijing time, there were more than 1.27 million confirmed cases of new coronary pneumonia worldwide. A total of 1,270,069 cases. Among them, the number of confirmed cases of new coronary pneumonia in the United States has reached 331,234, and the number of deaths due to new coronary pneumonia has reached 9,458.
Saudi Arabia postpones announcement of May official oil selling price
According to news on April 5, Beijing time, Saudi Aramco has postponed the release of its key May official oil selling price until later this week, as the dispute between Saudi Arabia and Russia intensifies.
A new date for Saudi Aramco to announce its official selling price for May has not yet been determined and may be postponed to Tuesday or Thursday, according to a person familiar with the matter who asked not to be named. However, the price list was originally supposed to be announced on April 5.
This is the second month in a row that Saudi Aramco has delayed a key pricing announcement.
Saudi Aramco’s monthly oil price list decision could affect the region’s roughly 14 million barrels per day of oil exports, as other Persian Gulf producers typically follow Aramco’s lead. Set prices for your own petroleum products.
On March 6, local time, OPEC and OPEC oil-producing countries led by Russia failed to reach an agreement on extending the oil production reduction agreement. Saudi Arabia subsequently announced an increase in production and significantly lowered official oil prices. Selling price, international oil prices plummeted. Afterwards, the United States intervened to mediate and urged Russia and Saudi Arabia to reach an agreement to reduce oil production. Saudi Arabia subsequently called for an emergency meeting between OPEC and non-OPEC oil-producing countries in order to reach a fair agreement and stabilize the oil market.
Previous reports stated that the OPEC+ video conference originally scheduled for April 6 may be postponed because Saudi Arabia and Russia have not reached a basic consensus on oil production cuts.
RIA Novosti reported on the 5th that according to OPEC sources, Russia blamed Saudi Arabia for the collapse in oil prices, triggering criticism from Saudi Arabia. In order to give both parties more time for negotiations, the meeting may be postponed to the 9th of this month.
The Associated Press reported that Saudi Arabia and Russia “passed the buck” to each other, making the atmosphere tense before the OPEC+ meeting, which may jeopardize the agreement to reduce oil production.
Foreign media reported that the oil market is once again racing against time. A feud between major oil producers Saudi Arabia and Russia and a lack of commitment from U.S. oil companies on production cuts could put pressure on crude prices again. The postponement of the OPEC+ meeting means producers are more likely to lose the race. The world’s oil supply glut is likely to continue to expand.
The outlook for the production reduction meeting is unpredictable
US President Trump previously It said it expected Saudi Arabia and Russia to reach an agreement to cut crude oil production by 10 million to 15 million barrels per day. This amount accounts for approximately 10% to 15% of the global market, which is unprecedented.
Saudi Arabia and Russia have both said they want the United States, the world’s largest producer thanks to the shale oil revolution, to join the cuts. However, Trump did not mention the United States’ willingness to cut domestic crude oil production when he met with top U.S. oil companies last weekend and threatened to impose tariffs on foreign oil. U.S. Energy Secretary Dan Brouillette said that the U.S. government has not reached an agreement with Russia and Saudi Arabia to reduce production, but “encourages” them to negotiate an agreement.
Lukyanov, head of the Council on Foreign and Defense Policy, a research organization that advises the Kremlin, said that if the Americans do not participate, the problems that existed before between Russia and Saudi Arabia will continue – they are The United States is ramping up production while cutting back on it, making the whole thing impossible.
It is unclear whether Russia and Saudi Arabia will demand a public commitment from the United States to cut production, a challenge facing America’s private, fragmented industry, or whether a compromise gesture will be enough.
Russia and Saudi Arabia also disagreed over how to calculate the cuts during a public debate over the weekend, according to a person familiar with the matter.
More than 1.27 million confirmed cases worldwide, and more than 330,000 confirmed cases in the United States
According to real-time statistics released by Johns Hopkins University in the United States, as of 7:00 on April 6, Beijing time, there were more than 1.27 million confirmed cases of new coronary pneumonia worldwide, with a total of 1,270,069 cases.
At 17:00 local time on April 5, according to real-time data from Johns Hopkins University in the United States, the current confirmed number of new coronavirus pneumonia in the United StatesJin Hai said that we must resolutely investigate and deal with the infringement of epidemic prevention commodities, and severely crack down on illegal activities such as false export declarations, concealment, passing off fake as genuine, unqualified as qualified, etc. in accordance with the law. “Support enterprises to submit relevant certificates electronically; Strengthen the customs protection of intellectual property rights and resolutely investigate and deal with infringements of anti-epidemic commodities; crack down severely in accordance with the law on illegal exports such as false declarations, concealment, passing off fake as genuine, and passing off unqualified goods as qualified.”
In response to some problems that arise when domestic companies export masks to the EU, the United States and other countries and pass the EU CE certification and US FDA registration procedures, Liu Weijun, director of the Certification and Supervision Department of the State Administration for Market Regulation, said that exporting medical supplies If a company wants to be certified, it must find an institution with corresponding legal qualifications and understand the market access requirements of the export destination country. “For example, medical masks exported to the EU are divided into two categories: one is sterile and the other is sterile. It is non-sterile. For non-sterile medical masks, the EU stipulates that as long as the company makes a self-declaration of compliance in accordance with relevant requirements, it can affix the CE mark. For sterile medical masks, you must find an EU-authorized institution to obtain the real Only products with CE certification can enter the EU market. If they are exported to the United States, companies can apply and submit relevant materials through the FDA website in accordance with U.S. regulations.”
Next , China will also speed up the export of more medical supplies needed by the international community, and will also strictly control quality, standardize order, and make China’s contribution to jointly responding to the global epidemic and building a community with a shared future for mankind. </p
