OPEC+announces significant production cuts and will join heavyweight members. Why is oil prices still falling
123457989
发表于 2023-12-1 13:46:32
1245
0
0
On Thursday, November 30th local time, the OPEC Secretariat announced on its official website that several OPEC+member countries have announced additional voluntary production cuts, with a total reduction of 2.2 million barrels per day, to support the stability and balance of the oil market.
According to the press release, out of the 2.2 million barrels per day reduction in production, Saudi Arabia has 1 million barrels per day, Iraq has 223000 barrels per day, the United Arab Emirates has 163000 barrels per day, Kuwait has 135000 barrels per day, Kazakhstan has 82000 barrels per day, Algeria has 51000 barrels per day, and Oman has 42000 barrels per day.
The OPEC Secretariat stated that the deadline for these production reduction measures is from January to the end of March 2024. The press release stated that in order to support the stability of the oil market, it will gradually recover after the end of March next year based on market conditions.
It should be pointed out that Saudi Arabia's 1 million barrels per day production reduction is a continuation of the production reduction measures that began in July this year. This means that the country's production in the first quarter of next year will remain around 9 million barrels per day, similar to the second half of this year.
Meanwhile, Russia announced that it will voluntarily reduce production by 500000 barrels per day in the first quarter of next year, including 300000 barrels of crude oil and 200000 barrels per day of refined oil. Similar to Saudi Arabia, Russia's 300000 barrels per day of 500000 barrels per day is a continuation of this year's measures, with an additional production reduction of 200000 barrels per day.
In summary, most of the actual cuts made by OPEC+at this meeting are a continuation of this year's production reduction measures. According to media calculations, the new cuts are around 900000 barrels per day.
In short, the organization's production in the first quarter of next year was only about 900000 barrels per day lower than the second half of this year, which was lower than the previous market expectation of 1 million barrels per day.
Internal disagreements still exist
The analysis points out that the announcement of "voluntary production cuts" rather than "collective production cuts" by OPEC+also reflects its internal differences.
Price Futures Group analyst Phil Flynn stated that traders are concerned that the production reduction is voluntary rather than mandatory, which raises questions in the market about whether member countries will follow up and implement the reduction.
Another press release shows that according to OPEC+quotas, Angola's production is set at 1.1 million barrels per day and Nigeria's production is set at 1.5 million barrels per day. Shortly before the publication, it was reported that the Angolan minister refused OPEC's oil production quota and stated that the country would maintain production at 1.18 million barrels per day.
John Kilduff, partner at Again Capital, stated that there are significant issues with OPEC+'s cohesion and compliance in reducing production. He added that this organization is being squeezed by record production from external countries such as the United States, and they are also losing market share in Asian countries.
As of the time of publication, the international crude oil price benchmark - Brent crude oil - has expanded its decline to 2%, at $80.93 per barrel; The US WTI crude oil price fell 2.7% to $75.74 per barrel.
The OPEC Secretariat also announced that Brazil will join the OPEC+Charter of Cooperation from January 2024. However, the Brazilian Minister of Mines and Energy stated that the country is "analyzing" the invitation to become an OPEC+member. The Brazilian Presidential Office also responded that the government has not yet responded to the invitation.
The OPEC+representative also mentioned that even if Brazil joins the organization in January next year, it will not immediately participate in OPEC+'s oil production reduction actions.
CandyLake.com 系信息发布平台,仅提供信息存储空间服务。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
猜你喜欢
- OPEC이 가장 두려워하는 일이 왔다!이 아프리카 국가는 조직 탈퇴를 선포했다
- Heavy news from the oil market! OPEC+agrees to extend collective production cuts until the end of 2025
- ガソリン市場のニュース!OPEC+は集団減産を2025年末まで延長することで合意
- 석유 시장의 메가톤급 소식!OPEC + 는 집단적 감산을 2025 년 말까지 연장하기로 합의했다
- Energy Viewpoint Duel: OPEC Secretary General's Personal Counterattack on IEA's "Oil Excess Theory"
- エネルギー観点の大対決:OPEC事務総長がIEAの「石油過剰論」に自ら反撃
- 에너지 관점 대결: OPEC 사무총장이 직접 IEA"석유 과잉론"에 반격
- OPEC+reportedly strengthens supervision and vows to reshape the authority of the production reduction agreement
- OPEC+は減産合意の権威を再構築するために監督力を強化しているという
- OPEC + 는 감산 협의의 권위를 재창조하기 위해 감독 강도를 강화하고 있다고 한다
-
知名做空机构香橼研究(Citron Research)周四(11月21日)在社交媒体平台X上发布消息称,该公司已决定做空“比特币大户”微策略(Microstrategy)这家公司,并认为该公司已经将自己变身成为一家比特币投资基金 ...
- caffycat
- 昨天 11:18
- 支持
- 反对
- 回复
- 收藏
-
每经AI快讯,11月20日,文远知行宣布旗下自动驾驶环卫车S6与无人扫路机S1分别在新加坡滨海湾海岸大道与滨海艺术中心正式投入运营。据介绍,这是新加坡首个商业化运营的自动驾驶环卫项目。 ...
- star8699
- 3 天前
- 支持
- 反对
- 回复
- 收藏
-
上证报中国证券网讯(记者王子霖)11月20日,斗鱼发布2024年第三季度未经审计的财务报告。本季度斗鱼依托丰富的游戏内容生态,充分发挥主播资源和新业务潜力,持续为用户提供高质量的直播内容及游戏服务,进一步 ...
- goodfriendboy
- 3 天前
- 支持
- 反对
- 回复
- 收藏
-
人民网北京11月22日电 (记者栗翘楚、任妍)2024广州车展,在新能源汽车占据“半壁江山”的同时,正加速向智能网联新能源汽车全面过渡,随着“端到端”成为新宠,智能驾驶解决方案成为本届广州车展各大车企竞 ...
- 3233340
- 昨天 17:06
- 支持
- 反对
- 回复
- 收藏