(Vienna Composite Electric) Saudi Arabia Sunday (June 4) announced that in July, the daily crude oil production will be reduced by 1 million barrels to boost the continuous downturn oil prices.Saudi Arabia shows that all efforts are made to stabilize the market, and production reduction measures may be extended in July.
It is reported that after Saudi Arabia promised to reduce its output in July, oil prices in the international market rose sharply.Sett Sas's median crude oil rose nearly 5%to $ 75.06 per barrel, while the price of Brent crude oil futures rose to $ 78.47 per barrel.
From June 3rd to 4th, the Organization of the Organization of the Petroleum Exporting Countries (OPEC, Oil Alliance) and some non -oil alliances ("OPEC+", OPEC+) oil -producing countries held a meeting in Vienna and reached a production reduction agreement after difficult negotiations.
From May this year, Saudi Arabia has voluntarily reduced the daily crude oil production by 500,000 barrels. In addition to this latest promise, after two voluntary reduction of production, in July this year, Saudi Arabia ’s daily crude oil production will be reduced to 9 million barrels.It is the lowest level since June 2021.
Saudi Energy Minister Salman described this as a "Saudi Lollipop" and stated that he would do everything possible to maintain the stability of the oil market.He also pointed out that this monthly production reduction measure may be extended.
At present, the total amount of oil alliance+reduction is about 3.66 million barrels of crude oil per day, which is equivalent to 3.6%of global demand. Among themThousands of barrels.
At the conference just weekend, the Oil Union+member states also agreed to extend the existing production reduction plan that was scheduled to end at the end of this year to the end of 2024, and increased the total daily output target from January 2024 again.1.4 million barrels to 40.46 million barrels per day.
The main winner of this meeting is the UAE, and its daily output target will increase by about 200,000 barrels to 3.22 million barrels.The daily output goals of some African members will be reduced.
According to Bloomberg, the revision of the reducing production benchmark is the most controversial point at the meeting. Although some African countries have failed to achieve the output target, they are unwilling to give up higher output quotas to avoid weakening the attraction of foreign investors to foreign investors.force.African countries finally agreed to reduce daily output goals, but their production capacity must be independently evaluated.
Oil League+Second -largest oil -producing country Russia will not reduce production this year, but like other member states, it will extend the existing production period to the end of 2024.
Report: Russia and Saudi Arab
Since the EU prohibit member states from importing Russian oil products, Russia has reached the Asian market and has increasingly fierce competition with the Middle East Oil Alliance.Russia's high export volume of oil has also triggered questions that have not fully obey the production reduction agreement.
Earlier reports said that Saudi Arabia and Russia were tense because of their disagreement on the issue of production reduction, but Russia's Deputy Prime Minister Novak said: "No, we have no difference, this is a common decision."
Novak said in an interview with Russia 24 that Russia is fulfilling its commitment to reduce production.He also pointed out that the oil alliance+will pay attention to the interest rate decisions of the central banks of various countries and other economic factors that may affect fuel consumption. If necessary, it may be adjusted.
Oil League+Crude Oil production accounts for about 60%of the total global output, and its decisions may have a significant impact on oil prices.
Analysts pointed out that the decision of oil alliance+shows that it is willing to support oil prices and crackdown speculators.The next oil alliance+meeting will be held on November 26.
