The latest announcement: decide to reduce production!

Recently, international oil prices have fallen, and have wiped out the increase in the past six months, making several international communities happy and a few of them -the western economy led by the United States for a long time, and the oil producing countries believe that it has fallen too much too much Essence

On September 5th, OPEC and non -OPEC oil producing countries (OPEC+) unanimously decided to reduce production of crude oil, hoping to keep the oil price above $ 90 per barrel by reducing supply.

As the latest news came, international oil prices also rose sharply.

01

"Face" Byden

OPEC+announced production reduction

On September 5th, OPEC+held the 32nd Ministerial Meeting in a video method to decide to reduce the production slightly in October and reduce the monthly output of the month by 100,000 barrels.

This is the first monthly production of OPEC+since August 2021, announcing that the "Middle East" that US President Biden has not achieved the expected effect.

In July of this year, Biden visited the Middle East. He hoped that major oil -producing countries such as Saudi Arabia and the UAE could increase oil output to cool down the continuously rising oil prices.

It is understood that 100,000 barrels of crude oil per day account for only 0.1%of global demand. Expert analysis believes that this reduction of production decides "symbolic meaning" and is intended to send signals to the market, that is, the country of petroleum exporting countries will not sit at the sight of oil prices to continue to fall, and they are ready to stabilize the market at any time. Essence

UBS oil analyst, Jostani Steorovo, said that the production reduction showed the determination to keep the oil price of more than $ 90 per barrel.

Affected by the reduction of production, the expenditure price of WTI's crude oil on the same day rose by more than 4%, breaking the $ 90/barrel.

02

International oil prices continue to decline

The profit of the oil production country declines

After a lapse of more than a year, why did OPEC+reduce production this time?

Russia's Deputy Prime Minister Novak said the expectation of the slowdown in global economic growth was the reason why Russia and its OPEC allies decided to reduce crude oil output.

In the past three months, due to the threat of the global economic slowdown and the actions of some countries' storage, the cumulative beauty and cloth oil have decreased by nearly 20% -the main contract price of New York crude oil futures has exceeded 120 per barrel in June this year. The dollar has fallen to about $ 90 per barrel at the present, and has fallen to the level before the Ukraine crisis. London's Brent crude oil futures prices also show similar trends.

The continuous decline of international crude oil prices has dropped the profits of oil -producing countries, including Saudi Arabia.

In this regard, Saudi Oil Oil Abdul Aziz said two weeks ago that the rapid fluctuations and lack of liquidity means that the crude oil futures market is becoming more and more disconnected from the fundamentals of supply and demand. Essence And this statement is supported by many member states.

03

Oil price return to high position

There are certain variables

OPEC+supports oil prices. Can Ruyi abacus be launched?

First of all, the United States, which is "exploded" in inflation, will not ignore it, and once again reiterates its determination to increase energy supply.

On September 5, local time, the US White House press secretary Kalin Jean-Pierre emphasized in a statement that Biden has made it clear that energy supply should meet demand to support economic growth and reduce consumption in the United States and the world around the world. The price of the person.

Secondly, Iran has become the biggest variable in the international oil price market. At present, the Iranian nuclear agreement continues to advance that if Western countries relax sanctions against Iran, the country is expected to increase the supply of 1 million barrels per day, or affects oil prices further.

"There are still a lot of uncertainty in oil prices, and the real market demand will remain high." Zhou Di, executive vice chairman of the China Energy Research Association, said that under the global economic downturn, oil production has been under pressure. It can also further promote its active production.

Source: Hubei Daily Comprehensive from Xinhua News Agency, 21st Century Economic Herald, China News Network, Finance News Agency, Interface News, etc.

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