Crude oil chart
British Barclays Bank said on Tuesday that the oil market has changed since 207, when concerns about increased supply became more apparent. Barclays said that crude oil prices may hit $80 or higher in the short terCrude oil chartm. But the bank added that despite this, global supply may exceed demand next year. The bank predicts that the average price of Brent crude oil in 2020 will be US$75 per barrel, higher than the previous estimate of US$55 per barrel.
India is Iran’s second-largest crude oil importer. Between August 6 and August 6, crude oil purchased from Iran dropped from approximately 706,000 barrels per day to 200,000 barrels per day. India has been trying to maintain neutrality between Iran and the United States. On the one hand, 80% of India's energy is imported. Iran is India’s third-largest energy supplier, and its cheap oil and natural gas are vital to the Indian economy. Moreover, the cooperation between India and Iran in the economic and trade field has been continuously strengthened in the past few years. The two sides are cooperating to build the Iranian Chabahar Port, which is a project that India mainly hopes to promote. The port is only 72 kilometers away from Gwadar Port in Pakistan. Through this port, India will be able to bypass Pakistan, through Iran and Afghanistan, to achieve connectivity with Central Asia.
Although India cut its crude oil purchases from Iran last month, the question is whether this trend will continue. India has been vague on this issue. Sometimes, the country seems to show favor to the United States by reducing Iran’s oil imports. And sometimes, India seems ready to resist pressure from the United States.
If the conflict between Yemen’s Houthis and Saudi Arabia escalates, triggering chaos in the Middle East and reducing the supply of crude oil, oil prices will surely rise. As international oil prices rise sharply, domestic refined oil products will also rise. This chain reaction made netizens call out: The Houthi armed forces are really a god assist! Now three barrels of oil have an excuse to increase the price!
Summary: Trump’s trade war has hit the oil and gas industry. The renegotiation of the North American Free Trade Agreement staged some farce at the last minute, but the energy industry may have escaped in this regard, and the most controversial issues revolve around agriculture and the automotive industry.
According to sources, the Indian National Shipping Company has a contract to import Iranian oil for Mangalore Refining Crude oil chartand Petrochemical, which is valid until August. The Ministry of Transport of India has approved refiners to purchase Iranian oil at CIF prices, but only for the existing annual contract between India and Iran.