Original title: Summary: Major oil-producing countries maintain their original production increase plans, international oil prices have fluctuated
Xinhua News Agency, New York, September 1st Summary: Major oil-producing countries maintain their original production increase plans, international oil prices have fluctuated
Xinhua News Agency reporter Liu Yanan
Affected by multiple factors including the Organization of the Petroleum Exporting Countries (OPEC) and Russia and other non-OPEC oil-producing countries’ decision to maintain the original production increase plan, the decline in U.S. commercial crude oil inventories and the impact of Hurricane Ida on the U.S. oil and gas industry, international crude oil futures prices1 The market fell sharply in the morning, then rebounded in shock, and ended up mixed.
As of the close of the day, the price of light crude oil futures for October delivery on the New York Mercantile Exchange rose by $0.09 to close at $68.59 per barrel, an increase of 0.13%; the price of London Brent crude oil futures for delivery in November fell by $0.04. It closed at US$71.59 per barrel, a decrease of 0.06%.
OPEC issued an announcement on the 1st that the 20th ministerial meeting of OPEC and non-OPEC oil-producing countries was held online on the same day. The meeting decided to implement the monthly reduction plan as originally planned, and increase the average daily crude oil production in October by 40. Ten thousand barrels.
The announcement said that although the new crown epidemic continues to bring uncertainty to the global oil market, market fundamentals have improved, and the oil inventories of OECD member countries continue to decline due to the accelerated economic recovery.
In the context of the recovery of oil demand driven by the economic recovery and the continued rise in oil prices, OPEC and non-OPEC oil-producing countries reached an agreement in July this year, deciding to increase the average daily crude oil production by 400,000 barrels per month from August until September 2022. Reduce the scale of production reduction to zero.
Stacey Morris, research director of Alerian, a US market information service provider, said that for OPEC and partner countries, in view of the current oil prices and inventory levels, sticking to the established production plan is the best choice at this stage.
According to data from the US Energy Information Administration, last week, US commercial crude oil inventories were about 425 million barrels, a month-on-month decrease of 7.2 million barrels, a drop that exceeded market expectations.
According to data released by the U.S. Security and Environmental Enforcement Agency, as of noon on the 1st, about 80% of the U.S. Gulf of Mexico’s offshore crude oil production capacity is still shut down due to the impact of Hurricane Ida.
The Norwegian oil and gas information service agency Resta Energy expects that “Ada” will reduce the average daily crude oil production of the United States in August and September by 226,000 barrels and 145,000 barrels, respectively, and the average daily refining capacity will decrease by 160,000 barrels and 640,000 barrels, respectively. .
Bjornar Thonghaiyugen, senior vice president and head of oil markets at Resta Energy, said that from the current situation of U.S. refinery shutdowns and power outages, compared with crude oil production, the duration of the impact of the hurricane on the refinery It may be longer, and the decline in demand for crude oil may be even greater, which will put further pressure on oil prices.
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