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    Home > Chemicals Industry > Petrochemical News > OPEC's monthly report released optimistic expectations, and oil prices continued to be strong

    OPEC's monthly report released optimistic expectations, and oil prices continued to be strong

    • Last Update: 2023-03-14
    • Source: Internet
    • Author: User
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    NYMEX February crude oil futures (CONG) last price on January 18 was $85.
    43 per barrel, up $1.
    61, or 1.
    92%, from the previous session, trading in a range of $
    84.
    28-$86.
    63.
    International derivatives think tank analysts believe that overnight international oil prices continued to rise sharply, U.
    S.
    bond yields climbed, U.
    S.
    stocks fell sharply, financial attributes were negative to oil prices, but oil prices were dominated by their own supply and demand fundamentals
    .
    According to the overnight OPEC monthly report, OPEC crude oil production in December 2021 was 27.
    882 million barrels per day, an increase of 165,000 barrels from November, the actual increase in production was less than planned, and OPEC has been weak in increasing production for many consecutive months, and the market has formed a supply gap expectation
    .

    OPEC's monthly report noted that the impact of the Omicron strain on oil demand at the end of 2021 was weaker than expected, but also mentioned that there is still uncertainty
    about new variants and new liquidity restrictions.
    OECD oil inventories fell by 16 million barrels to 2.
    72 billion barrels
    in November.

    In addition, OPEC's monthly report predicts that the growth rate of global crude oil demand in 2022 will be 4.
    2 million barrels per day unchanged from before, and the oil market will maintain good support throughout 2022, sending an optimistic atmosphere
    to the market.
    Geographically, the impact of strong explosions and fires on the supply side of the oil pipeline in southeastern Turkey remains to be seen
    .

    Overall, OPEC's monthly report was in line with market expectations, and oil prices were also reflected before, so the overall impact on the market was moderate
    .

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