2020-07-16

After Saudi Arabia reduces my country’s oil supply, Russia also charges 455%import fee

By yqqlm yqqlm

After the”oil price war”, Saudi Arabia suffered a lot of losses. According to the statistics released by the Saudi Statistics Department, although the export volume of Saudi oil increased by 50%in April this year, the total export value fell by 65.4%(US$12 billion), the price war is deeply hurt in the world’s largest oil exporter.

The chicken feathers after the oil price war

Saudi Arabia and Russia intend to take the initiative in global oil pricing, so for now Win the game. In order to end the oil price war, Saudi Arabia has vigorously promoted the OPEC+ production reduction agreement. As the leader, Saudi Arabia must take the initiative to take the lead in reducing production and reducing production and regain the oil pricing power.

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For this reason, Saudi Arabia announced last month that it will Reduce the supply of oil by 10%-40%to at least five refineries in Asia, while the prices of all grades of crude oil sold to Asia in July will increase by US$5.5-US$7.3.

Saudi Arabia’s frequent increase in crude oil export prices is not only due to its own considerations, but also the pressure from the United States. The most direct result of Saudi Arabia’s price increase is an increase in US oil exports to Asia. According to Vortexa data, US oil exports to Asia are expected to be 49 million barrels in July this year, compared with only 27 million barrels in May/June this year, and exports are expected to rise to 81.5%.

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Russia Raise the wind and raise oil export tariffs

In addition, Russia is also rolling the wind. According to Russian media reports, since July 1st, Russia has reduced oil to Export tax increased from US$8.3/ton to US$37.8/ton, with an increase of up to 355.4%per ton.

According to foreign sources citing sources, Russia hopes to follow the terms of the production reduction agreement reached by OPEC and its allies, Starting from July to reduce the rate of production cuts, while increasing oil export prices, etc. are also supporting measures. Russia has always faced Saudi Arabia on the issue of oil exports, but this time the oil exporting countries have maintained a high degree of tacit agreement. In the global epidemic, all oil exporting countries have been seriously affected. The previous price war has made Saudi Arabia, the largest oil exporting country”Severe injuries”, now that the demand market is recovering, price correction is imperative.

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During the price war between Saudi Arabia and Russia, China expanded In order to import oil from the two countries, China imported 9.165 million tons of oil from Saudi Arabia in May, an increase of 95%year-on-year; during the same period, 7.77 million tons of oil were imported from Russia, with an average daily import of 1.82 million barrels, which was further than the 1.5 million barrels/day in the same period last year. Promote.

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Saudi Arabia underestimated Russia’s determination to rely on its own crude oil extraction The low cost fights the price war, but Russia is not at all at a loss. The price war between the two parties is ultimately cheaper. But as the oil price rebounds, the domestic oil price will also rise slightly in the future.