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According to the Wall Street Journal's Chinese website on the 2nd, international crude oil futures rose sharply on Thursday, but after the Organization of Petroleum Exporting Countries and its allies (OPEC+) postponed their decision to further ease production cuts, oil prices fell from their intraday highs
.
The price of light crude oil futures for August delivery on the New York Mercantile Exchange rose 1.
76 US dollars to 75.
23 US dollars per barrel, an increase of 2.
Speaking of the reasons for the sharp rise in oil prices, Reuters reported on China's website that there are signs that OPEC+'s production growth rate in the next few months may be slower than expected, and rising global fuel demand will lead to tight supply
.
The report pointed out that sources said on Thursday that OPEC+ postponed its ministerial meeting to Friday to hold more talks on oil production policy
.
Previously, the UAE opposed a plan to immediately relax production cuts and extend production cuts to the end of 2022
"Such delays in negotiations are unusual and seem to indicate a major disagreement within the organization
.
" The report quoted Jim Ritterbusch of Ritterbusch and Associates as saying
It is reported that Saudi Arabia and Russia, OPEC+'s major oil producers, have reached a preliminary agreement on the plan
.
The plan predicts that from August to December 2021, oil production will increase by 400,000 barrels per day to meet growing global demand
Bob Yawger, head of energy futures at Mizuho Securities, said that OPEC's demand forecast did not take into account factors such as the possible increase in Iran's supply, the spread of the new crown virus delta variant, and the sluggish seasonal demand for gasoline in the United States
.
According to the analysis of the report, many countries have been infected with the delta variant virus, and people are worried that the recovery will slow down
