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Maintain the normal performance of the crude oil market - a brief discussion on the reduction of OPEC+ production increase

 Last Update: 2022-09-24
 Source: Internet
 Author: User

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On August 3, the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing countries formed a coalition to reduce production (OPEC+) announced the production increase plan for September

OPEC's reason for the announcement was limited spare capacity in oil-producing countries

At present, unlike previous months, the crude oil market is under greater downward pressure

In terms of inventories, after Europe and the United States replenished their inventories in response to energy shortages, crude oil inventories in major countries rebounded rapidly

On the demand side, due to the economic downturn, the demand for crude oil in various markets is not strong

At a time when supply, inventories and demand are in such a situation, it is actually difficult for oil prices to maintain the high level when the EU increased sanctions on Russia in July

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