Saudi Arabia, the world’s largest oil producer, announced on June 5 that due to strong demand, the country will raise the price of most grade crude oil exported to Asia in July. Lathe And Milling Processing Parts
Lathe and milling processing parts refer to precision metal parts that are manufactured using lathe and milling machines. These machines use computer numerical control (CNC) to produce parts to exacting specifications with high accuracy and precision.
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Saudi Arabia’s National Oil Company (Aramco) announced that its July export of Arabian light crude oil prices in Asia rose 35 cents per barrel. At the same time, Aramco will increase the price of most grades of crude oil exported to the United States, of which Arab light crude oil prices will increase by 20 cents per barrel.
In contrast, the company said in an e-mail sent to its customers that it lowered the price of light crude oil sold to countries in northwest European countries by 35 cents/barrel in July and lowered the crude oil price for that month to the Mediterranean by 10%. Cents/barrel. It also said that the reduction of the export price of crude oil to Europe was in response to Iran’s competition.
Zhongyu Information Analyst Zhang Jin said that lowering prices in Europe while raising prices in Asia may lead to a gradual reduction of Saudi’s share in Asia.
Statistics from the General Administration of Customs show that China imported 32.85 million tons of crude oil in April, an increase of 7.6% over the same period of last year. China imported 1.2367 trillion tons of crude oil from January to April, an increase of 12% year-on-year, and it has become the world's first crude oil importer. In terms of regions, China imported crude oil from Russia to a record 4.81 million tons in April, an increase of 52.4% year-on-year; China imported 4.12 million tons of oil from Saudi Arabia, down 22% year-on-year; China imported 3.98 million tons of crude oil from Angola in April. Increased by 39%. After the United States lifted its 40-year ban on crude oil exports, it exported crude oil to China for the first time on May 7.
South Korea's oil company said on June 5 that in the first four months of this year, crude oil imported from Iran by Iran increased by 113.5% over the same period of last year, reaching 30 million barrels. In contrast, South Korea imported 87.2 million barrels of crude oil from Iran in 2011 and was affected by sanctions against Iran in 2012, dropping to 56.1 million barrels, and further reduced to 44.9 million barrels in 2014. According to South Korea’s oil company, Iran’s export of crude oil is approximately US$5 cheaper than Saudi neighbor Qatar’s production, which has a price advantage.
Zhang Jin said that China plans to allow private enterprises to participate in the construction and operation of national strategic oil reserve facilities, but it will also force companies to maintain certain inventory levels, which will potentially increase future oil imports. According to market news, China plans to add 70 million to 90 million barrels of strategic oil reserves in 2016. The addition of Chinese private enterprises will greatly enhance the autonomy of crude oil imports, and the market share of Saudi crude oil, which is dominated by high-price contracts, may gradually decrease.