The hottest OPEC Asian market share has significan

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OPECAk=M(cos β- cos α) Significant loss of market share in Asia, the side effects of the production reduction agreement deepened

OPEC significant loss of market share in Asia, the side effects of the production reduction agreement deepened

February 24, 2017

[China paint information]

Reuters wrote that the crude oil sold to Asia by oil traders around the world, including the United States, Britain and Brazil, tripled, taking advantage of the supply gap caused by the production reduction led by the organization of Petroleum Exporting Countries (OPEC)

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according to Thomson Reuters oil research and forecasts, about 30 supertankers traveled thousands of miles this month to transport oil from the Americas and North America. We specially interviewed Zheng long, Secretary General of China synthetic resin supply and Marketing Association, to refineries in Asia through the sea and the Mediterranean Sea. Asia is the world's largest and fastest-growing oil consumption region

taking advantage of the arbitrage opportunity of relatively low freight costs and regional crude oil price differences, traders can take advantage of the situation of supply shortage in one region and oversupply in another region to make profits

for example, US crude oil futures are currently trading at about US $54.50 per barrel, while Brent crude oil is around us $56.90. Brent crude oil is at a premium of US $2.40 per barrel compared with US crude oil, and the two are still close to parity at the end of November last year

"OPEC production reduction... Drives arbitrage activities of long-distance shipments, resulting in an increase in long-distance crude oil imports (thus) making up for the impact of OPEC (supply) decline," said Tushar Bansal, director of ivy global energy, a Singapore consulting company

loss of market share

data showed that crude oil shipments from the United States, Britain, Brazil and Libya to Asia jumped to more than 35million barrels in February; This is higher than 10.4 million barrels in October

for OPEC, this means that it has lost 5% of its market share in Asia since October. Generally speaking, 70% of Asian demand is supplied by OPEC

"under the current market conditions, further production reduction of OPEC will lose market share," said Carole nakhle, director of crystal energy, a London consulting firm

opec usually has a good relationship with Asian customers, but refineries in North Asian oil consumption centers such as Japan, China and South Korea, which make full use of resources, say they are willing to turn to other suppliers in order to meet demand

shipping schedule shows that this trend will continue until March

"OPEC production reduction... Distorted the Asian crude oil market and changed the global trading mode." BMI research plastic flexible packaging industry has developed rapidly in recent years, H said in the customer report

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