Heavy! International oil prices both broke 70! The oil man's day is coming!
On May 7, the price of WTI crude oil broke through the $70 mark, reaching its highest level since November 2014! At the same time, the price of Brent crude oil remained at a high of $75!
Oil rising medicine, Iran nuclear agreement!
In January 2018, U.S. President Donald Trump announced that he would extend the sanctions exemption on the Iranian nuclear issue for the "last time" until May 12, and set that date as the deadline for revising the Iran nuclear agreement, and threatened that if there was no amendment plan satisfactory to him by then, the United States would withdraw from the Iran nuclear agreement. Since taking office in January 2017, Trump has repeatedly claimed that the Iran nuclear agreement is the "most disadvantaged agreement in history" of the United States, with "catastrophic defects", and has continuously released signals to withdraw from the Iran nuclear agreement.
Iran is OPEC's third-largest oil producer and the world's fifth-largest producer. Iran's oil production is relatively flat at around 3.8 million barrels per day. After the gradual lifting of international sanctions against Iran in 2016, Iran gradually resumed oil exports and economic growth.
Oil service companies are picking up!
Oil service company, as a barometer of the oil market, its operation can reflect the development of the oil industry most intuitively!
In the just-released first quarter report of 2018, Sinopec Oil Services announced that its operating income in the first quarter reached 10.268 billion yuan and its net profit was 30.129 million yuan, successfully turning losses into profits.
And the international oil service giants, have also opened a profit model:
Schlumberger made a profit of $0.525 billion in the first quarter, a turnaround and an 88% year-on-year increase in profits.
Halliburton's net profit in the first quarter reached $46 million, turning losses into profits year-on-year, and revenue for the quarter reached $5.74 billion, up 34% year-on-year.
GE Baker Hughes's revenue reached $5.4 billion in the first quarter. Although it lost $41 million, it was 63% lower than the previous quarter.