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According to foreign media reports, the International Energy Agency stated in its latest monthly oil report on the 14th that after the peak of the last wave of epidemics, global crude oil inventories are gradually decreasing, but the second wave of epidemics has led to a decline in market demand and also caused crude oil production.
It is difficult to effectively balance the market.
This summer, as economic activity resumed, global crude oil demand began to gradually pick up.
The International Energy Agency said that OPEC's production cuts have achieved some results, such as stabilizing oil prices and reducing inventories.
Global crude oil inventories fell by 2.
3 million barrels in the third quarter and are expected to fall by 4.
1 million barrels in the fourth quarter.
Despite the reduction, global crude oil inventories are still at a high level.
The report pointed out that in August, OECD commercial crude oil inventories fell by 22.
1 million barrels from the previous month to 3.
194 billion barrels, still 209 million barrels higher than the five-year average.
At present, the crude oil market has very limited space to absorb excess supply.
The report predicts that global crude oil demand will fall by 8.
4 million barrels per day to 91.
7 million barrels per day in 2020, and will increase by 5.
5 million barrels per day to 97.
2 million barrels per day in 2021.
However, due to the second wave of epidemics, the demand rebound that began this summer has slowed down.
The second wave of epidemics has brought uncertainty to the prospects of global economic recovery and the growth of demand for crude oil.
At present, the crude oil market continues to face the threat of oversupply of crude oil.
Although OPEC and its allies are still committed to continuing to implement the production reduction agreement, some analysis pointed out that the relevant oil-producing countries originally planned to gradually increase crude oil production in 2021, and the further decline in crude oil demand may put pressure on the production increase plans of OPEC and other oil-producing countries.
.
According to foreign media reports, OPEC and its allies plan to increase oil production by 2 million barrels per day from January next year.
Russian Energy Minister Alexander Nouak said that while complying with the production reduction agreement, OPEC and its allies still hope to gradually increase crude oil production.
It is difficult to effectively balance the market.
This summer, as economic activity resumed, global crude oil demand began to gradually pick up.
The International Energy Agency said that OPEC's production cuts have achieved some results, such as stabilizing oil prices and reducing inventories.
Global crude oil inventories fell by 2.
3 million barrels in the third quarter and are expected to fall by 4.
1 million barrels in the fourth quarter.
Despite the reduction, global crude oil inventories are still at a high level.
The report pointed out that in August, OECD commercial crude oil inventories fell by 22.
1 million barrels from the previous month to 3.
194 billion barrels, still 209 million barrels higher than the five-year average.
At present, the crude oil market has very limited space to absorb excess supply.
The report predicts that global crude oil demand will fall by 8.
4 million barrels per day to 91.
7 million barrels per day in 2020, and will increase by 5.
5 million barrels per day to 97.
2 million barrels per day in 2021.
However, due to the second wave of epidemics, the demand rebound that began this summer has slowed down.
The second wave of epidemics has brought uncertainty to the prospects of global economic recovery and the growth of demand for crude oil.
At present, the crude oil market continues to face the threat of oversupply of crude oil.
Although OPEC and its allies are still committed to continuing to implement the production reduction agreement, some analysis pointed out that the relevant oil-producing countries originally planned to gradually increase crude oil production in 2021, and the further decline in crude oil demand may put pressure on the production increase plans of OPEC and other oil-producing countries.
.
According to foreign media reports, OPEC and its allies plan to increase oil production by 2 million barrels per day from January next year.
Russian Energy Minister Alexander Nouak said that while complying with the production reduction agreement, OPEC and its allies still hope to gradually increase crude oil production.
