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2022-08-22
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Saudi Arabia and Russia reached a record oil production reduction agreement

Sinochem news the organization of Petroleum Exporting Countries in Europe and other oil producing countries, including Russia, held a meeting on Thursday. Saudi Arabia J. full shift: encoder 2500 p/r laber reached a record oil production reduction agreement with Russia to revive the flagging oil market due to the sharp decline in prices under the impact of the COVID-19

opec post meeting statement shows that the production will be reduced by 10million barrels per day from May 1, 2020 for two months; Reduce production by 8million barrels/day from July 2020 to December; The production will be reduced by 6million barrels/day from January 2021 to April 2022. According to the draft production reduction agreement, Russia and Saudi Arabia will reduce production by 2.5 million barrels per day each month; Iraq will reduce production by 1.06 million barrels per day per month; UAE will reduce production by 720000 barrels per day per month; Kuwait will reduce production by 640000 barrels per day per month; Kazakhstan and Nigeria will each reduce production by about 400000 barrels per day in September

the statement did not mention the production reduction of non OPEC countries

at present, the focus turns to the G20 energy ministers' meeting to be held on Friday. The next OP domestic photovoltaic power generation installed capacity of more than 77.42 million KW EC meeting will be held on June 10 this year

opec reached a historic agreement, but failed to push up oil prices. On the same day, the futures price of light crude oil for May delivery on the New York Mercantile Exchange fell by $2.33 to close at $22.76 a barrel, down 9.29%; London Brent crude oil futures for June delivery fell $1.36, or 4.14%, to $31.48 a barrel. Because the market believes that the production reduction agreement will not be enough to restore the balance of the market. If major oil producing countries, including the United States and Canada, also join the ranks of production cuts, it may add strength to the revitalization of oil prices

OPEC representatives said that OPEC reached a preliminary agreement at the video conference on Thursday that it would implement about 10million barrels per day of production reduction measures in May and June; A representative said that Saudi Arabia and Russia would reduce their respective production to about 8.5 million barrels per day, and all members agreed to reduce production by 23%

the delegates said that OPEC hoped that the G20 would reduce production by up to 5million barrels/day, but even if the G20 did not join the ranks, it had a special experimental machine to detect all kinds of shapes and varieties, and they would still reduce production

although the overall production reduction figure is equivalent to reducing the global supply by about 10%, it is far from making up for the decline in demand. Some traders estimate that the degree of demand contraction will reach 35million barrels/day at most

Russia insists that the United States, in particular, cannot rely solely on market forces to drive its record oil production decline; On the other hand, trump said that the shale gas industry was in trouble due to low oil prices, and US production would "naturally" decline

the production reduction agreement reached on Thursday dwarfs all previous market interventions. The physical crude oil market urgently needs such action, but it still cannot offset the impact of unprecedented demand contraction

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