Statistics from the Peruvian Central Bank show that in February, Peru’s mineral export value was 2.195 billion U.S. dollars, an increase of 0.4% year-on-year; copper mine exports were 184,900 tons, down 16%. Lead exports amounted to 67,900 tons. Zinc exports amounted to US$245 million, an increase of 27%. Although export volume decreased by 5% to 105,300 tons, export prices increased by 34%.

The Organization of Petroleum Exporting Countries (OPEC) not only implemented the first joint production reduction plan in eight years, but also extended the deadline for the original production reduction agreement… Today, the OPEC production reduction agreement has achieved its goal, but whoever expected There are even more ambitious “ideals” for oil producing countries!

OPEC production cuts to achieve the goal!

According to Bloomberg, citing people familiar with the matter, OPEC and its allies have already concluded that they are close to eliminating excess supply and that they have achieved a key goal of reducing production ahead of their expectations.

The report pointed out that compared to the five-year average, the excess crude oil inventories that caused oil price pressure in the past three years have fallen by 97% since January 2017, and the market should achieve rebalancing this season.

All signs are now showing that they will continue to reduce production to further boost oil prices, and may even adjust their targets to provide continued justification for the market.

Informed sources said that the process of rebalancing the market is faster than expected, partly because the reduction in production in some countries exceeds the requirements of the agreement. They said that demand for crude oil is also rising due to the upcoming peak of the summer driving season in the northern hemisphere.

OPECs have more ambitious “ideals”…

According to Bloomberg’s latest news, the three-year excess inventory that caused oil prices to be under pressure has almost completely been cleared. However, some major oil-producing countries have not given a toast to celebrate. Instead, they have found reasons to continue reducing production.

The historic agreement reached before the Organization of Petroleum Exporting Countries (OPEC) and Russia has achieved excellent results and has completed 97% of the inventory overhang target.

However, the Minister of Energy of the State of Saudi Arabia Faleh said that because another important goal – to increase investment in oil and gas production – is still far from being reached, production-limiting measures should continue.

He said that there is nothing to be feared about as the price of oil rises further from its current three-year high.

Russia’s Energy Minister Alexander Novak, the most important ally of Faleh, also agrees that the initial goal of the agreement—the inventory return to the five-year average—is already within reach, but it does not mean that production must stop. “We have goals, but we don’t have a strict decision formula. For example, ‘they have reached zero, so the task is completed’,” Novak told reporters at the group’s opening ceremony at the Saudi Jeddah meeting on Friday.

On April 19, 2018, the Ministry of Commerce issued the No. 39 Announcement of 2018, which promulgated the preliminary ruling on anti-dumping investigations of imported halobutyl rubber (also known as halogenated butyl rubber) originating in the United States, the European Union, and Singapore.

The Ministry of Commerce initially ruled that the import of halogenated butyl rubber originating in the United States, the European Union and Singapore was dumped, the domestic halobutyl rubber industry was substantially damaged, and there was a causal relationship between dumping and substantial damage, and the decision was made to originate in the United States. , EU and Singapore imported halogenated butyl rubber products implement temporary anti-dumping measures in the form of security deposits.

According to the ruling, since April 20, 2018, when import operators import halogenated butyl rubber originating in the United States, the European Union, and Singapore, they should base their decision on the dumping margins (26.0%-66.5%) of each company. The Customs of the People’s Republic of China provides corresponding deposits.

In response to the application of domestic halogenated butyl rubber industry, the Ministry of Commerce issued an announcement on August 30, 2017, deciding to initiate an anti-dumping investigation against imports of halobutyl rubber originating in the United States, the European Union, and Singapore. The product is classified under the “Import and Export Tariff of the People’s Republic of China”: under the tariff numbers 40023910 and 40023990.

On April 4, the Customs Tariff Commission of the State Council decided to impose a tariff of 25% on 14 categories of 106 products such as soybeans, automobiles, and chemical products originating in the United States, including 44 types of chemicals, including liquefied propane, some ethylene polymers, and acrylic acid. Polymers, Acrylonitrile, Pure Polyvinyl Chloride, Polycarbonates, Methyl Phosphonates, Epoxy Resins, etc. Increasing the tariffs on certain chemical products exported to China will indirectly increase the sales prices of domestic production of such chemical companies, but increase the cost of importing such chemical companies.

Industry News

1. China announced that it imposed tariffs on 106 U.S. products, including liquefied propane, some ethylene polymers, acrylic polymers, acrylonitrile, pure polyvinyl chloride, polycarbonates, methyl phosphonates, and epoxy resins. Etc. (WIND Information);

2. In 2018, China’s LNG consumption will reach 44 million tons, which is twice the US export of LNG of 22 million tons. If all U.S. LNG exports to China will bring about 6.7 billion U.S. dollars in revenue, this will only reduce the U.S.-China trade deficit by less than 2% (China Petroleum News Center);

3. API crude oil inventories fell by 3.28 million barrels last week, gasoline inventories increased by 1.12 million barrels, refined oil inventories increased by 2.2 million barrels, and Cushing’s crude oil inventories increased by 4.06 million barrels. (WIND Information) Company News