International crude oil production rebounds Crude oil market suffers correction

international crude oil market suffered a sharp reversalX5t
Crude oil prices rose sharply in July and August, to their highest levels of the year in September, due to tensions in the Middle EastHowever, after hitting a high in early September, crude oil prices fell to their lowest level in months in just two months as the situation in the Middle East eased and crude oil production reboundedX5t
U.SWest Texas Light Crude Oil (WTI) and North Sea Brent crude both fell 10 percent as of Nov5Among them, WTI prices fell 13 percent from a high of $108 in early September, while Brent crude fell nearly 10 percent from an earlier high of $117 to $106, both falling for weeks, with the spread breaking again above $10X5t
The decline in WTI crude oil prices is closely related to the massive exploitation of shale gas in the United StatesThe U.SEnergy Information Administration estimated in an October report that China had overtaken the U.Sas the world's largest net importer of oilThe reason is that the difference between average oil consumption and domestic production in the US was 6.24m b/d in September, compared with 6.3m b/d in ChinaX5t
Not only that, but the International Energy Agency also expects the US to overtake Russia as the largest oil producer outside the Organization of the Petroleum Exporting Countries by the second quarter of next year, thanks to a surge in shale oil productionAnd the IEA expects U.Soil imports to fall by half by the end of 2020 from two years ago, due to higher U.Soil and gas production and energy efficiency, which will further weigh on long-term crude oil pricesX5t
Increased inventories are also an important force in putting pressure on WTI crude oilEIA data earlier this month showed U.Scrude inventories rose 4.1 million barrels to 383.87 million barrels in the week of October 24, an estimated 2.2 million barrels increase, the highest level since JuneX5t
The outlook for medium- and long-term crude oil prices, as production and inventories rise and demand decline, looks bleakThe EIA report earlier this month also noted that average global oil demand fell by 500,000 bpd in September and October from the previous two months X5t
　　Ian Taylor, chief executive of Vitol, the world's largest oil trader, said recently that crude oil prices could fall as much as $15 a barrel if Libyan oil production resumes and Western sanctions are eased, forcing the US to stop production of some costly oil projects X5t
　　Iraq's crude oil production, which has been affected by the war, is also recovering, with Iraq's oil production increasing by 300,000 barrels per day to 3.1 million barrels per day in October, and iraqi oil inventories are recovering as repairs and maintenance are gradually reducing Morgan Stanley's commodities team expects production in Libya alone to remain volatile, with supply conditions outside the US suggesting that the increase in oil supplies is imminent X5t
　　Commerzbank cut its 2014 Brent and U.S crude oil price forecasts on Monday as it forecast that non-OPEC crude supplies would accelerate and that the global crude oil market would remain in oversupply next year X5t
　　In fact, with the end of the commodities supercycle, with the exception of crude oil, precious metals represented by gold and basic metals represented by copper are unlikely to enjoy sustained gains, with gold prices falling by more than 20 per cent since the start of the year and LME copper by more than 10 per cent as investment demand slows X5t the international crude oil market suffered a significant reversal X5t
　　Crude oil prices rose sharply in July and August, to their highest levels of the year in September, due to tensions in the Middle East However, after hitting a high in early September, crude oil prices fell to their lowest level in months in just two months as the situation in the Middle East eased and crude oil production rebounded X5t
　　U.S West Texas Light Crude Oil (WTI) and North Sea Brent crude both fell 10 percent as of Nov 5 Among them, WTI prices fell 13 percent from a high of $108 in early September, while Brent crude fell nearly 10 percent from an earlier high of $117 to $106, both falling for weeks, with the spread breaking again above $10 X5t
　　The decline in WTI crude oil prices is closely related to the massive exploitation of shale gas in the United States The U.S Energy Information Administration estimated in an October report that China had overtaken the U.S as the world's largest net importer of oil The reason is that the difference between average oil consumption and domestic production in the US was 6.24m b/d in September, compared with 6.3m b/d in China X5t
　　Not only that, but the International Energy Agency also expects the US to overtake Russia as the largest oil producer outside the Organization of the Petroleum Exporting Countries by the second quarter of next year, thanks to a surge in shale oil production And the IEA expects U.S oil imports to fall by half by the end of 2020 from two years ago, due to higher U.S oil and gas production and energy efficiency, which will further weigh on long-term crude oil prices X5t
　　Increased inventories are also an important force in putting pressure on WTI crude oil EIA data earlier this month showed U.S crude inventories rose 4.1 million barrels to 383.87 million barrels in the week of October 24, an estimated 2.2 million barrels increase, the highest level since June X5t
　　The outlook for medium- and long-term crude oil prices, as production and inventories rise and demand decline, looks bleak The EIA report earlier this month also noted that average global oil demand fell by 500,000 bpd in September and October from the previous two months X5t
　　Ian Taylor, chief executive of Vitol, the world's largest oil trader, said recently that crude oil prices could fall as much as $15 a barrel if Libyan oil production resumes and Western sanctions are eased, forcing the US to stop production of some costly oil projects X5t
　　Iraq's crude oil production, which has been affected by the war, is also recovering, with Iraq's oil production increasing by 300,000 barrels per day to 3.1 million barrels per day in October, and iraqi oil inventories are recovering as repairs and maintenance are gradually reducing Morgan Stanley's commodities team expects production in Libya alone to remain volatile, with supply conditions outside the US suggesting that the increase in oil supplies is imminent X5t
　　Commerzbank cut its 2014 Brent and U.S crude oil price forecasts on Monday as it forecast that non-OPEC crude supplies would accelerate and that the global crude oil market would remain in oversupply next year X5t
　　In fact, with the end of the commodities supercycle, with the exception of crude oil, precious metals represented by gold and basic metals represented by copper are unlikely to enjoy sustained gains, with gold prices falling by more than 20 per cent since the start of the year and LME copper by more than 10 per cent as investment demand slows X5t
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