With international crude oil prices fluctuating upward, domestic refined oil prices in China may rise for the second time this year on October 24—what impacts will this have on relevant car owners?

According to the Shanghai Securities News, recent international oil prices have continued to fluctuate amid influences from both supply and demand sides, as well as numerous uncertain factors. Regarding future trends, industry insiders note that markets are currently closely watching the upcoming OPEC meeting and the G20 summit. Xu Peng, a refined oil analyst at Jinchuang Information, believes that the potential easing of global trade tensions, coupled with the possibility that OPEC may extend its production-cutting agreement, provides further upward momentum for international oil prices. He forecasts that the first domestic refined oil price adjustment window in the second half of the year will most likely result in an increase.

With OPEC extending its production cuts, will fuel prices continue rising?

OPEC has agreed to extend its voluntary production-cutting measures until the end of September; collectively coordinated production cuts will be extended until 2025. Ukrainian President Volodymyr Zelenskyy stated that Ukraine has attacked over 30 Russian refineries, ports, and oil depots. Additionally, some workers at French kerosene plants have gone on strike. All three of these developments are short-term bullish factors for fuel oil. Technically, prices have also approached the upper edge of a consolidation platform and may break upward further. However, Chinese power plants are gradually switching from high-sulfur fuel oil to low-sulfur fuel oil—and this transition is scheduled for completion in the third quarter. This shift implies that more high-sulfur fuel oil may be redirected toward exports or released into the market, potentially capping the upside potential of fuel oil prices. What do you all think?

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Helleniq extends motor fuel discounts through mid-October

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