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The Outlook For The International Oil Market Is Uncertain

Zhangjiagang Sansu Machine Co.,Ltd | Updated: Dec 03, 2018

For some time, the international crude oil market has been in a violent shock, the international oil price as a roller coaster. It rose to a near four-year high in late September and early October and then fell for seven straight weeks. Oil prices have been volatile since November 23rd, when they plunged another 8% to their lowest level in a year. International oil prices are down more than 30 percent from their high in early October. Typically, a drop of more than 20 per cent from a recent high is considered a bear market.



Although the international oil price has shown a slight rise recently, the oil price outlook is still not optimistic. Worries have been exacerbated by higher-than-expected output from major oil producers and slowing global economic growth. The outlook for oil supply has been growing rapidly, with the us, Saudi Arabia and Russia all increasing production. At the same time, a short-term easing of us sanctions on Iran has also helped improve expectations for oil supplies. Saudi Arabia produced nearly 11m b/d in November, a record 10.65m b/d in October. Russian crude production has been above 11m b/d for months, with October's production rising to a 27-year high. U.S. crude oil production also remained at an all-time high of 11.7 million barrels a day, according to the U.S. energy information administration, while U.S. commercial crude oil inventories rose to 446.9 million barrels a day, the highest since December 2017. The rise in crude output from the world's three largest oil producers alone is enough to put downward pressure on global oil prices.