OPEC+agrees to increase production in September, but only increases 100,000 barrels per day. Biden seems to be disappointed.

During the previous period of the US stock market, "OPEC+" announced that the output increased by 100,000 barrels per day.

According to CCTV news reports, on the afternoon of the 3rd, local time, Saudi Arabia -headed oil exporting countries (OPEC) member states and some non -OPEC oil -producing countries such as OPEC+Russia held a monthly routine meeting of the "OPEC+" mechanism.

The meeting noticed that the basic elements of the oil market were constantly changing, so it was necessary to continuously assess the market conditions. Participants pointed out that the severe reduction of crude oil idle capacity requires relevant countries to "use these capacity very cautiously", and the serious shortage of investment in the oil industry at this stage has limited the development of the industry upstream and downstream, and it may affect the timely oil -producing countries in time For the market with sufficient crude oil, the oil -producing countries expressed concern about it.

At the same time, the meeting believed that the adjustment did not affect the baseline determined by the 19th Ministerial Meeting of OPEC and the Non -OPEC oil country. The meeting emphasized the value and importance of maintaining consistent negotiation, and believed that this is essential for OPEC and the unity of non -OPEC oil producers participating in the conference.

Affected by the news, the oily and cloth oils all rose straight, up exceeding 1%, and US oil rose by $ 96.

Subsequently, during the mid -market period, data released by EIA in the United States showed that as of July 29, EIA crude oil inventory increased by 4.467 million barrels and expected to reduce 629,000 barrels.

As the inventory data exceeded expectations, after the data was announced, international crude oil prices began to fall.

As of the closing, WTI crude oil futures fell 3.98%in September to $ 90.66/barrel, approaching $ 90; Brent in October of crude oil futures fell 3.74%to $ 96.78/barrel, and lost $ 100.

not so useful

Analysis agency pointed out that OPEC+proposed a proposal to increase production by 100,000 barrels per day in September, but this may have a small effect on alleviating the current market supply tensions. At present, this mild proposal is not enough to solve the tension in the current market. This may only be an oral commitment to the appeal of increasing production in the United States, but as a symbolic posture, its impact is greater than other aspects, which explains why oil prices are rising.

Some institutions commented that traders will pay attention to whether the United States will respond to any response. It is expected that the White House will be satisfied with this. Especially shortly after the US President Biden visited Saudi Arabia, OPC+made this decision. Essence

At the same time, data from industry organizations (API) show that as of July 29, US crude oil inventory increased by about 2.2 million barrels, gasoline inventory decreased by 200,000 barrels, and fractional oil inventory decreased by about 350,000 barrels.

"Slim the hope of the United States"

According to Global Network, Bloomberg and Reuters reported on the 3rd that OPEC and non -OPEC oil -producing countries (OPEC+) agreed to "increase production slightly" in September, increasing the output to 100,000 barrels of oil per day. Reuters said that in this case, the price of oil rose on the 3rd and offset the previous decline, which shattered the hope of the United States' substantial significance to increase production.

Bloomberg said that OPEC+senior management approved the above -mentioned production increase proposal in a non -public online meeting, which provided additional supply to the tense market, but the increase was much lower than in recent months. The organization has promised to increase 600,000 barrels of yarn per day in July and August.

Reuters reports that although the United States has asked the organization to increase its output, due to the limited capacity of the remaining, and Saudi Arabia, Saudi Arabia may not be willing to increase the output at the cost of damage to the interests of OPEC+member states, Russia, which has led to this. It is reported that Russia is sanctioned due to the conflict of Ukraine.

It is worth noting that the US President Biden ended his Middle East trip in mid -July, but many foreign media held a negative view of the results of Biden's trip. The United States Broadcasting Corporation said on the 17th that Biden failed to obtain a specific commitment to increase oil production from Saudi Arabia to relieve inflation and did not make a little progress on alleviating Pakistani conflict. He returned to Washington. The results. Reuters said that Biden left the Middle East almost "empty -handed". (Source: CCTV News, Global Network, Zhongxin Jingwei, Financial Association)

Edit: Fang Fengjiao

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