Russia's escalation of oil disputes with Gulf countries, whether chromium carbide prices have fluctuated sharply

The battle for control of the global oil market intensified on March 11, with Saudi Arabia promising to increase production while the UAE said it plans to recover as much oil as possible next month. The price war between Russia and Saudi Arabia in the crude oil market has opened a game of uncertainty. At first, the Gulf states seemed to be in a good position, but there was relatively limited time to persist.

According to the United States "Los Angeles Times" website reported on March 11, Saudi Arabia announced an increase in production capacity to an unprecedented 13 million barrels per day, further raising the April production target announced on the 10th. Saudi Arabia's close ally, the UAE, subsequently promised to sell to customers more crude oil than it usually produces. As countries prepare to extract as much oil as possible, oil prices plummet, and the market outlook is bleak.Saudi Arabia, the UAE, and Russia all belong to the global alliance known as "OPEC +." In the past three years, the United States has been supporting oil prices by limiting crude oil production against the backdrop of the continued influx of shale oil in the United States.Now all this has crashed amazingly. It is reported that the deadly new crown virus epidemic played a role. For weeks, Saudi Arabia has emphasized the need for further production cuts in response to the declining demand caused by the rapidly spreading new crown virus. Russia has resisted, demanding more evidence that oil consumption is affected.
According to the International Energy Agency, the UAE has a capacity of 3.5 million barrels per day. However, according to a person familiar with the matter, the company could significantly increase oilfield production beyond its standard ability to increase market supply.Saudi Arabia and its allies are also driving down oil prices, trying to squeeze out Russian crude oil and secure market share. Iraq and Kuwait follow in the footsteps of Saudi Aramco to cut expenses to global customers.
Although falling crude oil prices may benefit consumers in the short term, Andy Gibbins, head of GLAS Consulting in the UAE, warns that insufficient investment in exploration and production over time will result in shortages of crude oil supplies."For the oil and gas-related services industry, the impact of a price war is very unfavorable, because oil companies will do their best to cut costs to manage overall profitability better," Gibbins said.John said the impact of the current tensions is expected to spread to other sectors of the economy. For example, the price of chromium carbide associated with oil extraction machinery will also fluctuate. But how it varies is not easy to estimate.
As one of the largest producers of chromium carbide, Trunnano has been committed to the development of the international market for chromium carbide materials. If you are interested in chromium carbide or other carbide materials, please contact Rachel, Global Marketing Leader at Trunnano.

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