أسعار النفط تتجه لتسجيل أكبر خسارة أسبوعية في 3 أشهر

CNBCArabia

Watch أسعار النفط تتجه لتسجيل أكبر خسارة أسبوعية في 3 أشهر - CNBCArabia on Dailymotion

Transcript

00:00 The biggest weekly oil price loss in three months, which comes in conjunction with a reduction

00:08 of fears related to geopolitical trends and the rise of these risks.

00:13 But this time we are going to talk and focus on the demand and the supply in the next period.

00:20 But how did the prices and the prices of the hemp, hemp brand, which has been declining

00:24 since the beginning of the week by six percent, recently?

00:27 The biggest weekly loss in three months for hemp brand.

00:31 In contrast, we also had a reduction of WTI hemp by five and a half percent.

00:37 The biggest weekly loss in three months is the other one recorded for the light American

00:42 hemp.

00:43 There were collective reductions in prices and we saw it last week.

00:48 This time we are talking about the fears and the main reasons that led to these reductions

00:54 recorded by oil prices.

00:56 We are talking about the fear of economic weakness in the United States of America and

01:00 the hope of a rapid reduction in interest rates.

01:03 I mean, today, specifically after Jerome Powell's speech, that he may take a longer time to

01:08 start the first reduction in interest rates throughout 2024, contrary to what was expected

01:13 at the beginning of 2024.

01:15 We are talking about, on the other hand, we had a rise in American oil reserves, which

01:20 also came from other markets.

01:23 We are talking about more than 7.3 million percent higher than expected in last week's

01:29 data for American oil reserves.

01:32 On the other hand, the most prominent meeting date, OPEC Plus, which is still expected and

01:39 is being monitored, and the outlook is heading towards the beginning of June, the next meeting

01:44 for this meeting, despite the expectations of continuing to reduce the voluntary OPEC

01:50 oil reserves from abroad, for reductions that reach 2.2 million barrels in the latest

01:56 agreement that these countries remained on.

01:59 Production until the end of September 2024, if demand does not increase, according to

02:05 three sources of Reuters, but these sources inside OPEC, which indicates that I am still

02:11 focusing, and specifically if we have seen a weakness in demand for oil in the next

02:17 two weeks, and we have seen it in some previous figures, especially in the International

02:23 Energy Agency, which said that it is expected to have a weak demand, but still, perhaps with

02:29 the return of the recession, and specifically with regard to the biggest focus today on

02:34 the Chinese economy and the return of the recession, and specifically the growth that

02:38 the Chinese government has put in the economy, which gave some indications that we may

02:43 see a demand for oil that is greater than the largest oil consumer in the world.

02:48 In general, the production reductions that we are talking about are 5.8 million barrels

02:53 per day, which is about 5.7% of the global demand for oil.

03:00 The 2022 reductions were around 366 million barrels, but the voluntary reductions that

03:06 were agreed upon by OPEC+ reached 2.2 million barrels per day.

03:13 We are talking about this voluntary reduction, which will be valid until July 2024, but

03:19 expectations indicate that this agreement will continue and OPEC+ will continue until

03:25 September of this year 2024.

03:28 We are talking about the annual reductions, which are valid until the end of 2024, and

03:33 perhaps OPEC+, as was mentioned earlier, is the access to targets and also to maintain

03:42 the prices and maintain levels and movements in the energy markets.

03:48 But we have seen these reductions that have lasted the prices of oil throughout this week.

03:54 [BLANK_AUDIO]

Category

Transcript

Recommended