The global slowdown in demand for crude oil promoted continued to reduce the number of oil wells in Saudi Arabia
Xinhua in Cairo, on May 5th (XinhuaYan Yi), according to Egypt’s “Daily News” it reported on 5th business edition, that the news of the energy industry from the global largest oil exporter Saudi Arabia said, Saudi Arabia planed to again before the end of the year give up drilling 15 wells, due to the international market demand for crude oil continued to decline. Report said that the Saudi energy industry, speaking on condition of anonymity said that Saudi Arabia still had a very strong surplus in oil production capacity, but in view of the current downturn in the international market situation, there would no need for drilling more wells.
U.S. crude oil in inventories rose for the seventh week
U.S. crude oil in inventories rose for the seventh week, and the price of crude oil after the announcement of the ultra-expected growth figures in inventory plummeted. Yesterday, the EIA of U.S. Department of Energy data showed that as the week of April 17th, the U.S. commercial crude oil in inventories increased by 3.9 million barrels, much more than 260 million barrels per day which the market previously expected. After the publication of the data, crude oil prices had plummeted.
China bought from Africa 1.8 million barrels of crude oil as an emergency oil reserves
According to Reuters it was reported on Thursday, several peoples familiar with the situation of trade on Thursday told to Reuters that China had from Africa bought 1.8 million barrels of crude oil as an emergency crude oil reserves, and access to the reserve base in East China. This is the latest initiative since China in the international oil prices in July last year high fell near 100 U.S. dollars a barrel, to use of low time to replenish loil inventory.
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