OPEC cut supply and oil price rose to $70

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OPEC starts to cut supply oil price rises to $70

opec starts to cut supply oil price rises to $70

november 5, 2008

[second information on Chinese coatings] on Tuesday, the price of crude oil futures market on the New York Mercantile Exchange (NYMEX) closed at a two-week high, as the recent signs of OPEC international organization of Petroleum Exporting Countries' production reduction stimulated buyers

nymex12 crude oil futures closed up $6.62, or 10.4%, to $70.53/barrel, the first time it closed above $70/barrel since October 21. Ice exchange December Brent crude oil futures closed up $5.96 to 66.44, while its supporting subsequent equipment plastic extrusion molding machine is called auxiliary machine USD/barrel

as the growth of world oil demand is expected to slow down, and the demand will even regress next year, analysts are cautious. The current oil price has fallen by more than half from the record high set in July. Faced with the sharp drop in oil revenue, OPEC has tried to prevent the project from sliding after completion under the oil price and protect oil inventories by reducing production. Qatar once decided to maintain the current production quota in September, but decided to reduce production by 1.5 million barrels/day from November 1 at the end of October

according to the survey of Dow Jones newswires, the output share of OPEC member states in October decreased by 150000 barrels/day, or 0.5 percentage points, compared with that in September, although their role is very important. In order to implement the recent decision of OPEC to reduce production, Algeria, an OPEC member, has reduced its production by 71000 barrels a day since November

Venezuelan national oil company has notified its customers to reduce production by 129000 barrels per day. Venezuelan oil minister said that at least another 1million barrels per day of production reduction should be started on December 17 or earlier

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