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Oil futures fell 0.
25 percent on Monday (August 22) to close at $
96.
48 a barrel.
Earlier in the day, cloth oil fell as much as 4.
5%
due to concerns about the economic slowdown, the strengthening of the US dollar and the impact of Iranian crude oil or market access.
However, as Arab energy ministers said OPEC+ may need to tighten production to stabilize market prices, the oil market ignored the limited spare capacity, and oil prices shrank their declines
.
Saudi Arabia's energy minister, Prince Abdulaziz, reported on Monday by Saudi Arabia's energy minister, Prince Abdulaziz, who said OPEC+ has the means and flexibility to meet challenges, including by cutting oil production
.
Oil futures "disjointed" could force OPEC+ to act; OPEC+ will soon begin working on a new agreement
after 2022.
Saudi Energy Minister said the disconnect between oil futures and fundamentals could force OPEC+ action
.
Extreme volatility and lack of liquidity mean that futures markets are increasingly disconnected from fundamentals, potentially forcing OPEC+ to act
.
Futures prices do not reflect potential supply and demand fundamentals, which could require OPEC to tighten production
at next month's meeting.
Witnessing this recent harmful volatility disrupting the basic functioning of the market and destabilizing the oil market will only strengthen our resolve
.
U.
S.
-Brazzaville futures prices have fallen sharply in recent weeks as investors worry about the global economic outlook and the possibility of more Iranian oil entering the market
.
However, as price volatility triggered by the Russian-Ukrainian conflict scared away investors, open positions and trading volumes are still well below historical levels
.
Some market participants said the lack of deals has made the market more volatile as the number of active buyers and sellers has decreased
.
Saudi Arabia's energy minister said the oil futures market was caught in a vicious circle
of self-perpetuation.
Asked if he was concerned about the current market conditions, the Saudi energy minister said the oil futures market was caught in a vicious circle of self-perpetuation, with very thin liquidity and great volatility, weakening the basic function of the market to regulate prices and making physical users unable to bear the cost
of hedging and managing risks.
This has a negative impact on the smooth and efficient operation of the oil market, energy commodities and other commodities, creating new types of risks
.
This vicious circle is amplified by many factors, including unconfirmed reports of demand disruption, recurring news about the recovery of large quantities of supply, and ambiguity and uncertainty
about the potential impact of price caps, embargoes and sanctions.
Meanwhile, the White House said Sunday that the leaders of the United States, Britain, France and Germany discussed efforts to revive the 2015 Iran nuclear deal, which could return sanctioned Iranian oil to global markets
.
The U.
S.
State Department said the Iran nuclear deal was closer now than it was
two weeks ago.
The United States is carefully reviewing Iran's response to the latest text of the nuclear deal, there are still some outstanding issues to be resolved, and we will respond
to Iran's response once the consultations are over.
If there is a clear response from Iran, I am not sure if we will repeat it as we do now
.
Conversations with OPEC+ and other partners will continue
.
An official from the National Iranian Petroleum Corporation said Iran's Ministry of Oil and its subsidiaries have detailed plans to increase crude oil production to 4.
038 million bpd
by March 20, 2023.
Hormuz Qalavand, head of oil and gas production oversight at the National Iranian Oil Company, said the plan, which includes drilling new wells and repairing existing wells in onshore and offshore fields, will pay particular attention to cuts in gas combustion and environmental hazards
.
Earlier in the session, concerns that aggressive U.
S.
rate hikes could lead to a global economic slowdown and weaken fuel demand weighed down oil prices
.
Dennis Kissler, senior vice president of trading at BOK Financial, said: "The fundamentals of the near term seem to be more skewed towards a bear market until we see some positive economic signs in the US or China, which looks unlikely
.
”