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    Home > Chemicals Industry > Petrochemical News > Saudi Arabia and other countries adhere to the position of reducing production, crude oil rebounds by more than 1%

    Saudi Arabia and other countries adhere to the position of reducing production, crude oil rebounds by more than 1%

    • Last Update: 2023-01-05
    • Source: Internet
    • Author: User
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    Saudi Arabia firmly took the position of OPEC+ production cuts, and the United Arab Emirates also denied rumors of production increases, and international oil prices closed higher
    on Tuesday.
    NYMEX crude oil futures for month, 01 contract 80.
    95 up 0.
    91 US dollars / barrel or 1.
    13%; ICE oil futures 01 contract 88.
    36 rose $0.
    91 a barrel or 1.

    However, oil prices cut gains in late trading after foreign media reported that the European Union delayed plans to fully implement price caps on Russian oil exports, softened key transportation provisions and downplayed its latest sanctions proposal

    The European Union will ban imports of Russian oil from December 5, and a G7 plan will be implemented on the same day, allowing shipping service providers to service
    Russian oil exports only if the price price is below the price ceiling.

    "The price cap is proving to be a means for Western countries to keep Russian crude in the market," one analyst said, "The biggest sticking point in this market has always been whether we will lose a lot of crude and refined products from Russia, which has not yet happened
    " ”

    Saudi state news agency SPA quoted the country's energy minister Al-Falih as saying on Monday that OPEC would not discuss any decision before the meeting, denying the Wall Street Journal's report that OPEC was considering increasing production, which caused oil prices to plunge more than 5%
    intraday on Monday.

    The Saudi energy minister's speech supported oil prices
    throughout Tuesday.

    Another OPEC producer, the United Arab Emirates, denied that it was in talks to change the latest OPEC deal, while Kuwait said it had not conducted such talks
    Algeria said there had been no discussion of "impossible" changes
    to the OPEC agreement.

    OPEC will meet
    on December 4.

    Against the backdrop of interest rate hikes by the US Federal Reserve, concerns about oil demand also weighed on prices

    After crude oil closed, data released on Tuesday by the American Petroleum Institute (API) showed that U.
    crude inventories fell by about 4.
    819 million barrels in the week ended Nov.
    18, compared with analysts' expectations of a 1.
    1 million barrel

    gasoline inventories fell by 448,000 barrels in the week ended Nov.
    18, and distillate inventories, including diesel and heating oil, rose by about 1.
    105 million barrels

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