The first OPEC+ ministerial meeting held offline after the epidemic was held on October 5. The meeting decided to reduce the OPEC+ production quota for November and December by 2 million barrels per day compared with August, and announced that the validity period of the current round of production reduction agreement framework will be It will be extended to the end of December 2023, and the joint ministerial meeting will be adjusted from a monthly meeting to a bi-monthly meeting. The next OPEC+ meeting will be held on December 4. As of October 8, international oil prices have risen sharply compared to before the National Day. Brent oil futures rose 11.3% to US$97.9/barrel, and WTI futures rose 16.5% to US$92.6/barrel.
The last round of OPEC+ production cuts started in May 2020. Based on October 2018 production, it cut production by 9.7 million barrels per day since May 1, 2020, and then slowly resumed production and ended in August this year. The agency pointed out that compared with the third quarter, without the support of a large number of strategic reserves, the supply and demand pattern in the fourth quarter may show a tight balance, the supply and demand balance sheet will re-enter the destocking stage, and crude oil prices are expected to rise, or will resume Return to the $100-120/barrel range.
According to the theme database of the Financial Associated Press, among the relevant listed companies:
CNOOC is one of the world‘s largest independent oil and gas exploration and development companies, with net proven reserves of approximately 5.73 billion barrels of oil equivalent by the end of 2021.
COSL has a relatively complete service chain for oilfield exploration, development and production, and can provide customers with various individual services and integrated general contracting services.