The hottest OPEC hesitates to reduce production, a

2022-10-24
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OPEC hesitated to reduce production, and oil prices continued to fall

the market expressed doubts about OPEC's attitude towards reducing production. International oil prices fell sharply, and European and American crude oil futures fell below $60 a barrel on Tuesday. At the close of Tuesday, the New York Mercantile Exchange 9 The gap between the damping needle of the oil delivery valve and the damping hole is too small. The November futures of light crude oil were $58.52 a barrel, down $1.44 from the previous trading day; November Brent crude oil futures on the London Intercontinental Exchange were $59.34, down $1.20; November heating oil futures in New York were 168.09 cents per gallon, down 4.88 cents; Gasoline futures in November closed at 146.68 cents per gallon, down 2.81 cents; In November, rbob gasoline futures closed with the basic function of aluminum alloy tensile and compressive strength tester: tensile performance was 148.67 cents, down 3.40 cents from the previous trading day; October diesel futures on the London Intercontinental Exchange closed at $537.50 per ton, down $12.75 from the previous trading day

it was reported on Tuesday that a senior OPEC representative said that OPEC was still discussing the reduction of production, including whether to hold an interim meeting, how to implement the reduction and the amount of production reduction

however, according to Dow Jones news agency, Indonesian oil minister brnomo said on Tuesday that he had received a letter from OPEC headquarters in Vienna, saying that OPEC had decided to cut crude oil production by 1million barrels per day. Brnomo revealed to that the production reduction was based on the production quotas of member countries in OPEC, and the scale of production reduction of member countries has been determined

the news from Saudi Aramco said that Saudi Aramco had informed Asian and European customers that the contract supply in November was the same as that in October. Saudi Arabia has not made any statement on the production reduction

according to a Dow Jones survey, Saudi Arabia produced 9.1 million barrels of crude oil per day in the second quarter, slightly higher than the daily production quota. A Bloomberg news agency survey showed that Saudi Arabia's crude oil production in September was 9.18 million barrels a day, 140000 barrels lower than the daily average in August, the lowest since January 2005, and 3.9% lower than the crude oil production in March. According to a Reuters survey, OPEC's crude oil production in September averaged 29.47 million barrels a day, much higher than its production quota set a year ago

carlasso, head of the U.S. energy information administration, said Tuesday that a reduction of 1 million barrels per day in OPEC production may lead to a slight increase in oil prices, but the scope of the impact will depend on the actual production reduction. Since the crude oil production of these member countries has been lower than the quota, if it is based on the reduction of the quota, the actual production decline is limited. Crude oil and refined oil depots are in an abundant state, which can offset the impact of OPEC's production reduction. The US energy information administration estimates that OPEC crude oil production may decrease by 500000 barrels per day in the fourth quarter. Analysts at the U.S. energy information administration expect West Texas Intermediate base crude oil to average $63.33 a barrel in the fourth quarter, up $3 from the same period last year

Adam sieminski, chief energy economist of German bank securities, said that OPEC tried to convince traders that they were taking the oil price down to the limit of $60 a barrel seriously. As for the range of production reduction, this is not fixed. The domestic production of some OPEC members is higher than the quota, and the crude oil production of some member countries is lower than the official quota, so it is a question how much each member country will reduce its production. OPEC has responded to the weakening world demand. The latest statistics show that the U.S. crude oil inventory has been 13% higher than the five-year average. The storage of refined oil products is also much higher than the 5-year average

freon, vice president of risk management at Chicago Alaron trading company, said that I think OPEC is serious about reducing production because they are worried that if the oil price falls further too deep, they can't control it. They may not fulfill the production reduction agreement, but this is normal

crude oil production capacity is limited, and the supply balance continues to be in short supply. In the short term energy outlook just released, the U.S. energy information administration predicts that the world level in 2007 will fall to 17706.64 yuan/ton in August, and the average oil price is only slightly lower than the average level in 2006. The average price of WTI crude oil in September was $63.80 per barrel, which is expected to rise to an average of $67 per barrel in January, supported by the growth in demand for heating fuel. It is expected that under normal conditions in winter, the average price of WTI crude oil in the fourth quarter is $63 per barrel, which is $3 higher than the same period last year, but $9 lower than the forecast data of last month

the US energy information administration believes that the average daily world oil demand will increase by 1.5 million barrels next year, lower than the 1.7 million barrels predicted last month. It is expected that the average daily world oil demand will increase by 86.5 million barrels next year. This year, the world's average daily oil demand is 85million barrels, an increase of 1.2 million barrels over last year

Merrill Lynch, the world's third-largest listed securities company, lowered its forecast for the price of West Texas Intermediate base crude oil in the fourth quarter of this year based on the slowdown in demand caused by high inventories and warm winter. It is estimated that the average price of crude oil traded in New York in the fourth quarter was $61 a barrel, compared with $67 last time

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