OPEC may cut production again, oil price rebounds

2022-08-02
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OPEC may reduce production again. On Friday, the oil price in New York rebounded due to the placement of the oil needle knob in New York.

OPEC or reduce production again. On Friday, the oil price in New York rebounded.

november24,2008

[China paint information] the oil price in New York rebounded on Friday because OPEC may further reduce production and the Japanese government decided to invest to stimulate economic growth. At the close of trading on Friday, the January light crude oil futures on the New York Mercantile Exchange were $49.93 a barrel, up $0.51 from the previous trading day; London Intercontinental Exchange Brent crude oil January futures rose $1.11 to $49.19; December heating oil futures in New York were 169.96 cents per gallon, up 2.37 cents; Rbob gasoline December futures were 106.43 cents per gallon, up 5.73 cents; December diesel futures on the London Intercontinental Exchange were US $520.75 per ton, down US $9.00 from the previous trading day

OPEC will hold a meeting in Cairo on the 29th of this month to review the recent oil market. Analysts expect that the organization is likely to decide to further reduce production at the meeting. The Bank of Japan announced on Friday that it will inject a large amount of funds into the financial market and will study countermeasures to help enterprises raise funds more conveniently, so as to maintain market stability and stimulate economic growth

petrologistics, an oil tanker tracking agency, pre stacked the impact of the Spring Festival on production on Thursday. According to the measurement, the daily output of 13 OPEC member states in November was 30.98 million barrels, a decrease of 1.22 million barrels compared with 32.2 million barrels in October, a decrease of 3.8%, mainly because member States have begun to implement the decision to reduce production on October 24. The 11 member states with quotas produced 27.8 million barrels of crude oil per day in November, which was lower than 29.05 million barrels in October, but still higher than the official production target of 27.3 million barrels

gene mcgillian, an analyst at TFs energy LLC in Stamford, Conn., said: "the report shows that OPEC's production has begun to approach its quota, which provides support for oil prices. The decision-making meeting in 8 days will maintain this support."

New York crude oil futures for January delivery on Friday rose $0.51, or 1%, for the first time in nearly six trading days. The oil price fell by $7.67 this week, which is not quite the right way to emphasize the sustainable development at present, with a decrease of 13%

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