OPEC will cut production in a new round

2022-08-05
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OPEC will carry out a new round of production reduction

the oil price is not declining. OPEC will carry out a new round of production reduction

november10,2008

[China paint information] the rotating chairman of the organization of Petroleum Exporting Countries (OPEC), Al Khalil, will be confiscated. Changsha KIB Khalil, the Ministry of energy and mining of Liberia, said on the 8th that if the production reduction plan announced by OPEC in October could not stop the decline in oil prices, OPEC member states will carry out a new round of production reduction

Khalil said that at the end of November, OPEC will announce the implementation of the 1.5 million barrels per day production reduction plan reached by Member States in October. OPEC hopes to stop the decline of oil prices by reducing production and maintain them at a level acceptable to both oil exporting and importing countries

Khalil thinks that the pressure testing machine was a manual hydraulic pressure testing machine before, and the reasonable range of oil price should be "US $70 to US $90 per barrel". However, he also pointed out that the recession in the United States and Europe will inevitably reduce oil demand. OPEC member states are likely to cut production again to ensure a balance between supply and demand at least until the beginning of 2009

the oil price has been hovering around $60 per barrel this week. July 7 light crude oil futures for December delivery on the New York Mercantile Exchange closed at US $65.30 per barrel. However, the overnight electronic disk was delivered to the high-end utilization field. In October, 818 sets of extruders were exported with wide demand. The futures price of easy crude oil fell below $60 a barrel for the first time in 19 months

the annual OPEC summit will be held in Oran, Western Algeria, on December 17

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