中文
Boosted by the decline of US crude oil inventory and the record low level of Iran’s export, Saudi Arabia, the main producer of production reduction, is also earnestly implementing its production reduction commitment. It has reduced its supply to the Asian market at present, and the record production reduction agreement is giving the market a dawn of recovery. At the same time, with China taking the lead in coming out of the new epidemic crisis, the operating rate of Chinese refineries has returned to the level before the epidemic in mid April, and the time for the Ministry of Commerce to officially issue the second batch of private crude oil import quota in 2020 is more than two months ahead of the previous year. After a shock wave of oil prices, everything seems to be moving in a positive direction.
As some countries began to loosen restrictions and the proportion of enterprises and factories returned to work increased, IEA raised its expectation of global oil demand in the second quarter by 3.2 million barrels / day to 79.3 million barrels / day. However, IEA still believes that oil consumption will lose nearly 20 million barrels / day in the second quarter, about 20% of the same period in 2019, due to the new crown pandemic.
For the whole year 2020, IEA continues to believe that global crude oil demand will fall by the largest amount in history this year. However, IEA narrowed the decline by 690000b / D to 8.6mb/d, or 9%, due to the relaxation of the blocking measures and the increase of liquidity.