Home » Foreign media: “OPEC+” decided to maintain the established production reduction target and Russia will not compromise in the face of Western price limits_Hangzhou Net

Foreign media: “OPEC+” decided to maintain the established production reduction target and Russia will not compromise in the face of Western price limits_Hangzhou Net

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Foreign media: “OPEC+” decided to maintain the established production reduction target and Russia will not compromise in the face of Western price limits_Hangzhou Net

Foreign media: “OPEC+” decided to maintain the established production reduction target and Russia will not compromise in the face of Western price limits

Reference News Network reported on December 5 that according to a report on the website of Singapore’s “Lianhe Zaobao” on the 5th, the “OPEC+” composed of members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries decided to maintain the 33rd ministerial meeting Determined production reduction targets.

According to reports, “OPEC+” made this decision when it held its 34th ministerial meeting via video on the 4th local time.

According to reports, the 33rd ministerial meeting of “OPEC+” on October 5 this year decided to cut monthly production by an average of 2 million barrels per day on the basis of August production starting from November this year. 2% of global average daily oil demand.

OPEC issued a statement after the ministerial meeting on the 4th, emphasizing that the decision to cut production at the October meeting was entirely out of market considerations.

The report pointed out that due to market concerns about the outlook for the world economy, the major oil-producing countries’ decision to significantly cut production failed to effectively support international crude oil prices. The price of the main contract of crude oil futures in New York has fallen from more than US$120 per barrel in June this year to around US$80 per barrel at present. London Brent crude oil futures prices also showed a similar trend.

It is reported that the thirty-fifth ministerial meeting of “OPEC+” will be held on June 4, 2023. However, “OPEC+” said that it will temporarily hold a ministerial meeting when necessary to deal with changes in the crude oil market.

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According to the report, the European Union, the Group of Seven and Australia announced that starting from December 5, they will set a price ceiling of US$60 per barrel for crude oil exported by sea from Russia, which has brought new uncertainties to the market. The Russian side said proposals such as restricting oil imports from Russia and imposing a price cap on Russian oil would only lead to a surge in oil prices like natural gas prices.

According to a report by the Russian Satellite News Agency on the 5th, Russian Deputy Prime Minister Novak said that Russia’s attitude towards the “oil price ceiling” policy has not changed. This is a barbaric and non-market tool. Countries export oil and oil products, even if they have to cut production.

Novak said Moscow did not intend to use tools related to oil price caps set by the West, and that Russia was studying mechanisms to ban the use of price caps on Russian oil, regardless of the price ceiling set.

(Original title: Foreign media: “OPEC+” decided to maintain the established production reduction target and Russia will not compromise in the face of Western price limits)

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