The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

Citi says oil's record plunge is a U.S. phenomenon

Pubdate:2018-11-16 09:22 Source:liyanping Click:

SINGAPORE (Bloomberg) -- American fingerprints are all over oil’s record losing streak that’s plunged prices into a bear market. 


The State Department’s zigzag on Iran sanctions, President Donald Trump’s tweets about OPEC supply, the demand-sapping trade war with China and the explosion of shale oil production are all key factors leading to the collapse in crude prices since early October, Ed Morse, head of commodities research at Citigroup Inc., said in a phone interview.


“The oversupply in the market is a made-in-America phenomenon,” Morse said Wednesday. “It’s the unexpected consequences of American policy and the unintended impact of technological changes that made this historically unprecedented arena for production growth blossom.”


Morse was among several commodity traders and experts who less than two months ago said global benchmark Brent crude could spike above $100/bbl if the U.S. followed through with its threat to use sanctions to drive Iranian oil exports to zero. The fear of a supply crunch helped drive the marker to as high as $86.74/bbl in early October, the highest level since 2014.


Then the Trump administration changed its mind, granting waivers that allowed eight countries to continue purchasing limited amounts of Iranian oil. Brent traded at $65.91 in Singapore. West Texas Intermediate, the U.S. benchmark, was at $56/bbl, following a record 12 session slide through Nov. 13. Even as the U.S. was planning to grant the Iran waivers, Trump was badgering other members of OPEC to boost production to make up for any loss of Iranian supply. He’s kept at it even as prices have plunged, tweeting on Nov. 12 that he hoped Saudi Arabia and OPEC wouldn’t cut output.


Market Oversupply


“The head fake on Iranian sanctions, which turned out to be misleading when U.S. actions were limp, combined with putting more pressure on producers helped create the oversupply in the market,” Morse said.


Supplies have also been boosted by surging output from U.S. shale fields, which has lifted the U.S. past Saudi Arabia and Russia as the world’s largest crude producer, Morse said. Additionally, global oil demand growth has also been hurt by an escalating trade war between the U.S. and China that was instigated by the Trump administration, he said.


主站蜘蛛池模板: 玩弄放荡人妻少妇系列视频| 中文字幕在线免费观看| 色五五月五月开| 欧美亚洲国产激情一区二区| 国产精品手机在线亚洲| 亚洲欧美中文字幕5发布| 99re热久久精品这里都是精品| 波多野结衣看片| 国语高清精品一区二区三区| 亚洲欧美日韩自偷自拍| 57pao一国产成视频永久免费 | 欧美18性精品| 国产新疆成人a一片在线观看| 九九久久99综合一区二区| 麻豆一二三四区乱码| 日韩一区二区三区免费体验| 国产亚洲综合色就色| 中文字幕在线视频在线看| 美国十次啦大导航| 女人18片毛片60分钟| 亚洲视频一区在线观看| 6080私人午夜性爽快影院| 欧美、另类亚洲日本一区二区| 国产日韩av免费无码一区二区| 久久精品中文騷妇女内射| chinese激烈高潮HD| 激情亚洲的在线观看| 国产精品第一页第一页| 么公的又大又深又硬想要| 蜜桃麻豆WWW久久囤产精品| 成人国产午夜在线视频| 伊人色综合久久| 最色网在线观看| 欧美极品在线观看| 国产成人综合欧美精品久久| 久久99热只有频精品8| 男女一边摸一边做爽的免费视频| 国产高清无专砖区2021| 久久精品成人免费观看| 老司机aⅴ在线精品导航| 大学生一级特黄的免费大片视频|