Views: 3 Author: Site Editor Publish Time: 2019-10-17 Origin: Site
1. Overseas market
The Saudi state-owned oil company, the head of the trade department of Aramco, said on Monday (September 30) that the company had restored its production capacity to the level before the oil facility was attacked on September 14. The Ecuadorian Ministry of Energy announced on October 1 that it will withdraw from OPEC on January 1, 2020. With intensified global trade friction, players' worry on economic recession and falling demand escalated. Statistics showed that the Sep ISM manufacturing PMI in US was at 47.8, far lower than the earlier anticipation and last data 49.1, hitting 10-year low. According to data released by the US Energy Information Administration (EIA) on Wednesday, US commercial crude oil inventories increased by 3.104 million barrels in the week ended September 27, which was higher than market expectations and recorded an increase for the third consecutive week.
Impacted by restoring production in Saudi Arabia, the future withdrawal of Ecuador and decreasing expectation of global economy and demand, price of crude oil kept declining, and that of different petrochemical products also moved down.