The hottest OPEC may not reduce production. US cru
2022-10-12- Detail
OPEC may not reduce production US crude oil fell by more than 1% in early trading
OPEC may not reduce production US crude oil fell by more than 1% in early trading
October 13, 2014
[China paint information] in early trading in Asia on Monday (October 13), US crude oil futures contracts for November were traded at US $84.81/barrel, as Kuwait said that the organization of Petroleum Exporting Countries (OPEC) was unlikely to reduce production to raise prices, Saudi Arabia privately told the oil market that it was ready to accept that the oil price fell to $80 a barrel
Kuwait News Agency (Kuna) quoted Oil Minister Ali al omair as saying on Sunday that the organization of Petroleum Exporting Countries (OPEC) is unlikely to reduce production in order to raise prices, because the reduction may not work
Ali al omair said that oil prices may stop falling in the US dollar, because this is the cost level of oil production in the United States and Russiathe oil ministers of the member countries of the organization of Petroleum Exporting Countries (OPEC) will hold a meeting in Vienna on November 27, when they will consider whether to adjust the production target in early 2015. Some OPEC members called for an emergency production reduction to push the global oil price back to above $100 and accept the response measures
Saudi Arabia, the world's largest oil producer, also quietly told oil market participants that it was happy to see oil prices fall significantly for a longer period of time. The drastic change in Saudi Arabia's policy may be intended to slow the expansion of oil producing competitors, including US shale oil. According to a person who was briefly informed of the conversation recently, in a private meeting with investors and analysts in the oil market, Saudi officials hinted that the country was ready to accept oil prices below $90 or even as low as $80 in one or two years
opec said in its monthly report released on Friday that Saudi Arabia reported a daily output of 9.704 million barrels of crude oil in September, up from 9.597 million barrels in August, indicating that Saudi Arabia has not responded to oil prices far below $100
Saudi Arabia has not reduced production, which makes traders and analysts believe that Saudi Arabia is intended to protect market share, not price
as of 9:30 Beijing time, US crude oil was not widely used, and the contract price of period futures in November was US $84.82/barrel
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