Latest news on oil price adjustment: OPEC has proposed to reduce production of domestic oil prices or rise

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Latest news on oil price adjustment: OPEC has proposed to reduce production of domestic oil prices or rise

2018-12-08 10:25:14 131 ℃

On December 6, the ministers of the OPEC countries will formally convene a meeting to assign detailed production reduction tasks to countries, which does not include Russia. Saudi Arabia, OPEC's largest oil producer, will take the lead in undertaking most of the production cuts, but Saudi Arabia also hopes to allow other member states to commit to cut production before the agreement is established.


For OPEC+ organizations including non-OPEC countries such as Russia The biggest wish is to re-energize the international oil price that has fallen by as much as $20 since October this year. However, these oil-producing countries are experiencing high-profile opposition from US President Trump. Trump frequently attacks the production reduction plan and regards the depressed oil price as the key to the economic development of the United States.

When ministers gathered in Vienna, Trump issued a statement saying, "The world does not want to see, nor does it need high oil prices!"

International oil prices fell on the 5th. Analysts said that the media's news that the daily production of Saudi crude oil increased caused international oil prices to fall on the same day.

As of the close of the day, the light crude oil futures price of the New York Mercantile Exchange, which was delivered in January 2019, fell by $0.36 to close at $52.89 per barrel, a decrease of 0.68%. London Brent crude oil futures for February 2019 fell $0.52 to close at $61.56 a barrel, down 0.84%.


Although US President Trump issued a request to the Organization of Petroleum Exporting Countries ( OPEC) maintains low oil prices, but major oil producers such as Saudi Arabia and Russia have successfully reached a production reduction agreement in Vienna, Austria, on December 5, local time. The agreement reached a preliminary agreement on the decision to reduce production, but the specific extent of the reduction was not yet determined.

It is reported that Oman Oil Minister Mohamed Rumhi told the media in Vienna that Russia has agreed to continue to cut production for six months from January 2019 together with other oil-producing countries.

The oil product has to rise again?

In the domestic market, the next round of domestic refined oil price adjustment will start at 24 o'clock on the 14th. Due to the recent rebound in international oil prices, after the 16-day maximum price cut in the year and the “three-day losing streak”, the hope of “four-day losing streak” has become increasingly rampant. The data shows:

As of the first working day in China, the rate of change of crude oil is -5.06%, which is expected to be lowered by 220 yuan/ton.

As of the second working day in China, the crude oil change rate is -2.98%, which is expected to be lowered by 125 yuan/ton.

As of the third working day in China, the rate of change in crude oil is -2.28%, which is expected to be lowered by 85 yuan/ton.

As of the fourth working day in China, the rate of change in crude oil is -2.05%, which is expected to be lowered by RMB 80/ton.


Maike Futures analysts said that Russia and Saudi Arabia have reached a consensus on production reduction. This has led to increased market expectations for OPEC+'s specific production reduction agreement. The final meeting results will dominate the recent crude oil trend. However, as a whole, the oil price will be supported in stages and is expected to stabilize.

From the data point of view, the expected decline is shrinking. According to this trend, the rate of change in crude oil may turn positive, and oil prices may rise again on the 14th.