International crude oil prices have fallen recently, and Saudi Arabia, a major oil producer, plans to reduce production in December, with an average daily reduction of 500,000 barrels.
The Organization of Petroleum Exporting Countries, the "Opek" and non-OPEC oil-producing countries ministerial supervisory committee met in Abu Dhabi, the capital of the United Arab Emirates, on the 11th. Saudi Energy Minister Khalid Falih said that OPEC may need to reduce production, because the global crude oil market may face oversupply again next year.
As the two "benchmarks" of international oil prices, on the 9th of this month, the Brent crude oil futures price of the London International Petroleum Exchange fell below 70 US dollars per barrel for the first time since April; the West Texas Intermediate of the New York Mercantile Exchange Crude oil futures prices fell to less than $60, the lowest in nearly nine months.
In Falih's view, market sentiment has changed from a previous fear shortage to a fear of excess. The sharp drop in oil prices should be attributed to “microeconomic uncertainty†and signs of increased crude oil inventories in some countries.
He said that the oil-producing countries have not reached an agreement on production reduction at this stage, and it is too early to talk about "specific actions." In terms of the possibility of production cuts, "we must study all the factors."
Saudi Arabia’s daily oil exports in October were 10.7 million barrels. According to OPEC data, Saudi Arabia's reduction of oil exports in December will lead to a reduction of nearly 0.5 percentage points in global oil supply.
AFP explained that the recent decline in international oil prices is at a time when global oil and gas demand is slowing down. At the same time, the United States has increased shale oil and shale gas production, and Saudi Arabia, Russia and other oil-producing countries have increased crude oil supply. In addition, there are some indications that the actual impact of the US comprehensive recovery of sanctions against Iran is more moderate than expected.
On the 5th of this month, the United States restarted sanctions on Iranian energy and other areas, and granted temporary exemption to eight Iranian crude oil importers for a period of six months.
In an interview with AFP, Fude Razak Zada, a US market analyst at Fuhui.com, said that some major oil producers are increasing their crude oil supply, and the increase will exceed Iran’s oil production cuts, causing oil prices to fall. The U.S. sanctions against Iran are not expected to be serious. OPEC and non-OPEC oil producers may discuss whether to cut production this weekend or face the risk of a global oil price collapse in 2014.
In the second half of 2014, global oil prices “dived†from a high of more than 100 US dollars per barrel, mainly due to weak demand from major global economies and increased supply of shale oil in the United States.
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