According to Bloomberg on April 26, Nigeria National Petroleum Corporation General Manager Baru said that Nigeria plans to increase crude oil production to 4 million barrels a day by 2025 and oil refining to 1.5 million barrels a day. This ambitious goal is to double and double current capacity, respectively.

Nigeria’s crude oil production has been close to a historical high of 2.5 million barrels per day, but due to old equipment, theft and destruction, the current output is only 2.2 million barrels. Similarly, due to poor management, the four state-owned refineries in Nepal are far below the design capacity of 445,000 barrels per day. The world’s largest single refinery invested by Dangert, Africa’s richest man, is being built near Lagos. It is expected to refine 650,000 barrels a day after commissioning, which will help improve Nigeria’s domestic oil production situation.

On April 24, the phthalic anhydride commodity index was 63.75, unchanged from yesterday, down 46.93% from the peak of 120.13 points in the cycle (2012-02-28), and up 31.66% from the low of 48.42 points on January 21, 2016. (Note: Period refers to 2011-09-01 to date).

Recently, the domestic market price of phthalic anhydride has maintained a low trend, the market of phthalic anhydride and phthalic anhydride in eastern China has weakened, downstream factories have just needed to purchase, factory inventory pressure has continued, high-end transactions have been hindered, the mainstream of on-site neighbouring source negotiations is 6500-6600 yuan/ton, and the mainstream of naphthalene source negotiations is 6300 yuan/ton; the mainstream price of phthalic anhydride market in North China is 6400-6600 yuan/ton, and the market weakness is The price of phthalic anhydride in China is stable, the spot supply of phthalic anhydride is normal, the market is not good, and the price of phthalic anhydride is declining.

Recently, the execution price of the upstream product of phthalic anhydride, Sinopec o-phthalic anhydride, is 6700 yuan/ton. The actual market transaction price is 6700 yuan/ton. The quotation is stable and the port market is general. The upstream raw material mixed xylene price is stable, the turnover of phthalic anhydride is general, the stock of phthalic anhydride in port is low, the price of phthalic anhydride is temporarily stable, the cost of imported phthalic anhydride is rising, the actual transaction price is discussed in detail, the upstream price trend is stable, and the market price of phthalic anhydride remains weak. DOP prices in the downstream are lower. Recently, in Zhejiang DOP market, merchants’quotations have maintained 8100-8200 yuan/ton, while downstream prices have slightly declined. Demand for upstream phthalic anhydride is limited. The market price of phthalic anhydride is slightly lower. It is expected that the market price of phthalic anhydride will be around 6500 yuan/ton in the later period.

U.S. President Trump said Monday that Saudi Arabia and other OPEC members could increase production after the end of the U.S. sanctions exemption against Iran by “exceeding” the supply gap created by the decline in Iranian oil exports to the global market after the end of the exemption.

The Trump administration has decided to end a six-month exemption that allows some countries to buy Iranian oil without sanctions from the United States.

“Saudi Arabia and other OPEC Member States will overcompensate for the resulting global supply gap after we fully implement sanctions on Iranian oil exports,” Trump said on Twitter. “

Price Trend

According to the price monitoring of business associations, as of April 23, the average price of domestic methanol market was 2232 yuan/ton, and the domestic methanol market continued to decline.

II. Market Analysis

Products: Domestic methanol shows a differentiated trend, the mainland continues to be weak. In the port market, the future-present linkage is dominant, with futures rising first and then depressing, the overall slightly upward. The overall performance of the mainland market is weak. At present, the downstream receipt intention is weak and has not improved. The local decline is 20-100 yuan/ton. With the end of the Northwest part of the equipment maintenance, it is expected that the supply side will increase in the later period, and the intra-site profit will be more hollow. It is expected that the mainland market will remain weak in the short term. We should pay more attention to the changes of equipment in the main production areas and the transmission of Northwest guidance prices to the surrounding markets.

In terms of freight, the domestic freight of methanol has recently been sorted out, showing a decline in many places. The freight rate of Inner Mongolia North Line to North Shandong refers to 110-200 yuan/ton, falling by 20-30 yuan/ton, and that of South Line to North Shandong 120-200 yuan/ton. Part of Shanxi Province is 110-150 yuan/ton to the north of Shandong Province, and reference from Guanzhong to the north of Shandong Province is 90-150 yuan/ton to the south of Shandong Province is 140-160 yuan/ton. Qinghai to North Shandong 280-320 yuan/ton.

Industry chain: formaldehyde: methanol raw material is weak, the cost is weak; under security supervision, formaldehyde construction in the lower reaches of Shandong Province is still low, formaldehyde market turnover is not good. Now Linyi is around 1,350 yuan/ton, Zibo and its surrounding areas are maintained at 1,500-1,550 yuan/ton. Acetic acid: The domestic glacial acetic acid market fell at the beginning of the week. Due to the poor overall signing of orders, Henan enterprises have a high sales pressure, and the offer has been markedly downgraded. Dimethyl ether: Dimethyl ether Market is stable, the market atmosphere is general. The main units have a plan to increase the quantity, and the downstream units purchase more on demand, so the seller’s production and sales are balanced.

3. Future Market Forecast

Business Cooperative Viewpoint: On the positive side, the supply side: part of the equipment overhaul in Northwest China has not yet ended, part of the supply side is tight; Futures: the futures market has risen substantially, although it has fallen back, the overall slightly upward. On the negative side, the cost: the price of upstream products such as natural gas and coal is at a low level, and the cost side has declined due to the drop of local freight; on the demand side, the restriction of security supervision on some downstream demand is still in existence at the present stage; on the later stage, the maintenance devices are gradually restored, and the supply side is expected to increase, so the contradiction between supply and demand is gradually highlighted. Methanol analysts from business associations predict that the overall performance of the domestic methanol market in the short term is relatively weak.

Russian Prime Minister Dmitry Medvedev signed a government resolution on the same day, banning the export of oil and petroleum products to Ukraine from now on, according to a news release on the Russian government’s website on the 18th.

The resolution states that Russia has imposed an export ban on oil and petroleum products to Ukraine. In addition, from June 1 this year, only with the permission of the Russian Ministry of Economic Development, can some Russian oil, petroleum products and coal be exported to Ukraine. The resolution shall come into force as of the date of its promulgation.

On the same day, Medvedev also said through the media that in addition to prohibiting the export of oil and petroleum products to Ukraine, Russia will also prohibit the import of some products from Ukraine, including machinery manufacturing, light industry and metal processing products.

The Ukrainian government has decided to expand the list of bans on imports from Russia, according to a recent Russian newspaper Source. Medvedev said on the 18th that the recent Ukrainian policy is unfriendly to Russia. In this case, Russia was forced to protect its own interests and take response measures.