Market attention to OPEC+ production policy International oil prices fell on November 21

Due to market concerns about the possibility of OPEC production increase, international crude oil futures prices weakened in the overnight market, fell sharply in early trading on November 21, quickly recovered at noon, and international oil prices fell
at the close.

OPEC+ unexpectedly announced a 2 million b/d cut in early October and will meet again on Dec.
4 to discuss production policy
.
The Wall Street Journal quoted anonymous sources on the 21st as reporting that Saudi Arabia and OPEC oil producers are discussing increasing production by up to 500,000 barrels per day to cope with the decline
in Russian oil exports.

Saudi Energy Minister Abdulaziz bin Salman later denied this, saying that oil producers are likely to continue to cut production
.
OPEC+ does not discuss any decisions
to be made before the meeting.
Salman said in a statement that the current 2 million b/d cuts will continue until the end of
2023.

FXEmpire market analyst Vladimir Zernov said on the 21st that Saudi Arabia's official denial of reports about production increases provided significant support for the oil market, and New York oil prices rose to close to $80 per barrel
.

Mark Haefele, global chief investment officer at UBS Wealth Management, expects Brent crude prices to rise to $
110 a barrel in 2023 as supply tightens and demand continues to rise.
Hefer said OPEC cut production in November, and its crude exports fell by more than 2 million b/d month-on-month
in November.

Phil Flynn, senior market analyst at Price Futures Group, said on the 21st that after the recent significant drop in oil prices, gasoline demand may actually rise sharply
.
The American Automobile Association expects 55 million Americans to travel during Thanksgiving this year, basically returning to pre-pandemic levels
.
The point is that the oil demand destruction was not as severe
as expected.