The decrease in Chinese demands negatively affects oil priceqxx

The American Petroleum Institute (API) announced a decline in crude oil this week by 448.000 barrels,
while analysts expected a smaller decrease of 117.000 barrels.
This decrease comes at a time when the Ministry of Energy released 3.4 million barrels of strategic petroleum
reserves in the week ending on August 12 to 461.2 million barrels.
US crude inventories have lost about 61 million barrels since the beginning of 2021,
an increase of 1.7 million barrels since the beginning of 2020, according to API data. Last week,
API announced a sudden increase in crude oil inventories of 2.156 million barrels
after analysts expected a decline of 400.000 barrels.
Cushing inventories increased by 250.000 barrels this week
Last week, API witnessed an increase of 910.000 barrels.
The official inventory of Cushing Energy Department reached 25,189 million barrels for
the week ended on August 5 after it was 24.466 million barrels last week.
API also announced a decrease in gasoline inventories this week which
amounted to 4.480 million barrels for the week ending on August 12,
compared to the decline of last week which reached 627.000 barrels.
The inventory of distillation products witnessed a decrease of 759.000 barrels during the week,
compared to the increase of last week which amounted to 1.376 million barrels.

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Oil prices this week

Oil production rates this week

The last decisions of the driving companies for oil market

Oil Sector’s updates

Oil prices this week

West Texas Intermediate crude fell on Tuesday because of disappointing economic statements from China
and improving the prospects for a nuclear deal with Iran.
West Texas Intermediate crude was trading low by 3.67% during the middle of the day in the period
before the data was released at $86.13 a barrel which is more than $3 a barrel a week.
Brent crude was trading low by 3.13% during the day at $92.12 which is a decrease of approximately $4 during the week.
At the end of the day, West Texas Intermediate crude was trading low at $86.83
(-2.89%), while Brent crude was traded at $92.45 (-2.79%).

ARTICAL NAME The decrease in Chinese demands negatively affects oil price

Oil production rates this week

US crude oil production data for the week ended on
August 5 rose by 100,000 barrels a day to record 12.2 million barrels a day,
according to the latest weekly data of Energy Information Management.

The last decisions of the driving companies for oil market

Gazprom (MCX:GAZP) The Russian government gas company warned
that gas prices may rise by another 60% to reach $4000 /million
cubic meters amid low production and exports,
which may indicate that there will be no radical increases in Nord Stream 1 flows.
Kimmeridge Energy Management has recently collected a 4%
stake in California Resources (NYSE:CRC)
and it was pressing for policy changes, including space sales for real estate purposes.
According to Bloomberg, the great British Energy Company BP (NYSE:BP) will soon abandon
its Mexican oil assets as it continues to shift towards renewable energy sources.

ARTICAL NAME The decrease in Chinese demands negatively affects oil price

Oil Sector’s updates

Chinese refining is still disappointing

Chinese refinery operations have been declined to the lowest daily rate
since March 2020 to reach 12.53 million barrels a day
which is a decrease of approximately 1 million barrels a day.
This decline surprised many in oil markets who expected a strong recovery after the closure,
although prolonged maintenance may has played an important role.

Premen reaches another standard level

To strengthen the reputation of the Bremen Basin as a leading power in the increasing American crude production,
it is expected that oil production in the largest oil rock factory in the United States
will rise to a record level of 5.408 million barrels a day in September 2022,
according to the Energy Information Department
which is equivalent to 60% of the production of oil rock in the county.

Saudi Aramco soon boasts the maximum absorptive capacity

Saudi Aramco President (Tadawul:2222), Amin Al – Nasser,
announced the net profits of the second quarter which reached $48.4 billion
and he claimed that the company is ready to raise production to its maximum
capacity of 12 million barrels a day if the government requests that.

PEMEX needs another $6.5 billion for refining

The Mexican government oil company PEMEX requested additional funding of $6.5 billion
from its government for Dosbokas refinery
which has a capacity of 320.000 barrels a day which raised the price of the refinery
that was operated yet to approximately 15 billion barrels a day.

Differences again in the Iranian deal

While oil markets have prepared for the possibility of reaching an Iranian agreement recently,
the US State Department has claimed some of this optimism by saying
that Iran should give up its internal demands
that exceed the scope of the joint comprehensive work plan.

PDVSA stops oil payments for debts

The Venezuelan National Oil Company PDVSA suspended the delivery of crude oil
to European companies under the oil deal for debts
It asked ENI and Ribsole to obtain products instead as the country in Latin America
is struggling to restart its refineries and operate them again.

Chinese regions are witnessing the first power outage in industry

The regional government in Sichuan has begun to legalise industrial energy consumption amid the worst heat wave since 60 years,
which strongly affected Lithium producers Tianqi Lithium (SHE:002466) and Sichuan Yahua (SHE:002497) in addition to many major aluminium smelters.

German energy prices rise to their highest level at all

Because of the very low rhinestones that hinder the usual charcoal flows
and continuous quarrels around Nord Stream 1,
the German futures contract of 2023 has been risen to its highest level at
all to reach 508 euros for a megawatt/hour.

The Nigerian army is intensifying its efforts to fight theft

The Nigerian authorities stated that the Nigerian army is intensifying its efforts to combat thieves
who destroy oil pipelines in the Niger Delta area,
as reports reported that the National Petroleum Company is losing up to 400.000
barrels a day because of theft and sabotage.

Oil companies are ready to embrace the Climate Law of the Irish Republican army

The major oil companies and the independents of the average level alike expressed
their willingness to benefit from the provisions of the inflation reduction law,
which provides a new basic credit worth $17 a metric ton for CCS facilities that are set to be in high demand.

The height of American exports raises shipping costs

The breadth of Brent price difference and
West Texas Intermediate crude adds an additional attractiveness to American crude exports all over the world.
However, the increasing demand for Avramax Vector also pushed shipping costs to Europe to nearly reach $6 a barrel,
which may make the delivery of American crude oil to go to Asia is more profitable.

Norway maintains water energy for itself

To face the lower water level for several years and the high demand,
Norway moved to give priority to the local market at the expense of exports,
which made another blow to the United Kingdom,
which relied on the abundant Norwegian hydroelectric
energy to meet the demand for low wind periods.

ARTICAL NAME The decrease in Chinese demands negatively affects oil price

The decrease in Chinese demands negatively affects oil price

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