Weekly Oil 11January 2021

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Crude oil prices tend to be stable at a high level. Accepting the results of the OPEC Plus meeting

Thaioil expects West Texas crude oil prices this week to move around the frame. 49-54 dollarsUS per barrel Brent crude oil moves around the frame. 52-57 dollarsUS Per barrel

Outlook of Crude Oil Price (11-15 Jan 64)

The price of crude oil is likely to remain at a high level. Responding to the results of the OPEC Plus meeting that the group decided not to increase production by another 2 Months, while Saudi Arabia volunteered to cut production further. 1 Million barrels per day As demand for oil remains at risk from the COVID mutation.-19 Crude oil prices have also been driven by the progress of the COVID vaccine.-19 That have begun to be delivered and injected in many countries Including the British approved the company’s vaccine AstraZeneca-Oxford Be the first country Causing the market to expect the effects of the vaccine against COVID-19 Will be able to reduce the epidemic

Important factors are expected to affect the situation in oil prices this week.:

• Crude oil prices positively responded to the outcome of the OPEC Plus Group meeting on Day 4-5. Jan 64 That have maintained a reduction in the raw water production of the group at 2 Million barrels per day through March 64 Both Saudi Arabia volunteered to cut additional production. 1 Million barrels per day in February and March 64 To maintain the level of crude oil inventory at a balanced level. And to comply with global oil demand that is still not much recovered After several countries have re-enforced lockdown measures to prevent the spread of COVID.-19 New species, however, Russia and Kazakhstan have plans to increase rail production. 75,000 Barrels per day in Feb. 64 and 150,000 Barrels per day in March 64 As a result, OPEC Plus Group’s production cut agreement in February. 64 And Mar 64 Overall at the level 8.125 and 8.05 Million barrels per day, respectively, for the production cut agreements in April. 64 There will be another meeting in March. 64
• The market continues to keep an eye on OPEC-10 production capacity cuts. Whether it will comply with the agreement or not Due to the latest cooperation to cut production capacity in December 63 Percentage decrease 3 From Nov. 63 Tap percentage level 99 This is the lowest level since Aug. 63 In December 63 Group capacity is at the level 86 Million barrels per day increase 0.13 Million barrels per day from Nov. 63 While Libya’s crude oil production in Dec. 63 Which has been exempt from the agreement to cut production. Higher from Nov. 63 about 0.15 Million barrels per day Come to the level 1.25 Million barrels per day As reported by Reuters
• Delivery and vaccination against COVID-19 There is continuous progress As a result, the demand for oil tends to rise. From being able to resume economic operations At present, the company Pfizer-BioNTech And company Modern The vaccine has been delivered to many countries. And the vaccine is expected to become widespread worldwide in the second half of the year. 64 Most recently, the UK was the first country to approve a vaccine against COVID.-19 Of the company AstraZeneca-Oxford For emergency use Deliveries and vaccinations are expected to be completed by January. 64 Argentina, Ecuador and India have also received approvals from companies. AstraZeneca-Oxford Likewise, Mexico, Brazil and Europe are in the process of consideration.
• The market remains concerned about the spread of COVID-19. New breed in england That caused England to take a lockdown for the time being. 3 Start date 4 Jan 64 After the cumulative number of infected people increased rapidly to more than 1 Million people or percentage 2 Of the entire population Even though the population is greater 3 Millions of people have received their first dose of vaccination, followed by JP Morgan British economy expected in the quarter 1/64 Will shrink as though 2.5% While the virus has spread to other continents. Especially in Europe, such as Austria, Denmark, Finland, France, Germany, the lock-down period must be enforced or extended to contain the epidemic.
• United States Energy Information Agency (EIA) US crude oil inventory report For the week ending 1 m.C. 64 Decrease 8 Million barrels to the level 5 Million barrels is the lowest level since Aug. 63 Which is more than analysts expected to downgrade 2.1 Million barrels by such cuts It is expected to be a reduction of US crude oil inventory at the end of the year as usual. To reduce the tax burden. EIA US capacity report for the year 63 Drop touch level 11 Million barrels per day By reducing from the level 12.9 Million barrels per day in a year 62 Due to low oil prices Does not incentivize producers to produce crude oil
• The market was worried about the US political situation. After crowds supporting President Donald Trump raid the Washington Capitol building to block a meeting to approve the U.S. election, Joe Biden won. Until the meeting was canceled And attendees had to evacuate from the meeting room And Washington must declare a curfew To quell the situation
• The economies to watch this week are the Chinese and US consumer indices for December 2020. Chinese export and import figures in Dec.63 British industrial production and Eurozone, Nov. 63

Summary of the situation of oil prices in the past week (4-8 Jan 64)

West Texas crude oil prices last week rose $ 3.72.The US came to 52.24 dollarsUS Per barrel for Brent crude oil prices increased. 4.19 dollarsUS Come to $ 55.99US Per barrel, while Dubai crude oil prices closed an average of 54.70 US dollar a barrel boosted by the progress of the COVID vaccine-19 That have begun to be delivered and injected in many countries And the vaccine is expected to begin to be used more widely in many countries. After the Food and Drug Administration (FDA) In many countries more and more vaccines have been approved.