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International oil prices rose, recovering earlier land losses, as countries around the world continue to relax the anti epidemic measures, increasing the hope for the recovery of fuel demand. But international relations tend to be strained, and the outlook for oil prices may face uncertainty.
French environment minister Elisabeth borne said in an interview with French radio on May 24 that the French government may make a decision to ease domestic travel restrictions in the coming week.
French finance minister le Maire said on May 25 that President Marcon would issue “strong measures” to support automakers. This is the latest industry-specific access to tailor-made assistance programs.
Even though the death toll is close to 100000, a large number of Americans still travel on Memorial Day.
Michael McCarthy, chief market strategist at CMC markets in Sydney, said: “the oil market is now concerned about the potential effect of easing the blockade.”
According to preliminary data released by the government of India on May 23, India’s crude oil production in April fell 6.4% year-on-year to about 2.55 million tons (620000 barrels per day); the output of refineries fell 28.8% to 14.75 million tons (3.6 million barrels per day).
A fleet of five oil tankers carries fuel from Iran to help Venezuela, which is in dire need of gasoline. Venezuela’s president, Maduro, thanked Iran on May 24 after the pilot ship arrived near a port at the Venezuelan national oil company (PDVSA).
The trump administration earlier this month said it was considering “measures” for the shipping operation, but did not specify. Morgan ortagus, a state Department spokesman, would not comment on the response the US is considering.
Last week, a U.S. Defense Department spokesman said he was not sure whether there was any military action against the fleet, but Iranian President Mahmoud Rouhani warned on May 23 that Iran would retaliate if the U.S. caused problems to those tankers.