learnvideopokeronlinefree| What signal? The OPEC+ blockbuster meeting is rescheduled, and production reduction measures will be extended into the second half of the year?

What signal? OPEC+ blockbuster meeting changed online, production reduction measures or extended into the second half of the year?

Source: Bu Shuqing seen and heard on Wall Street

Analysts believe that the policy implications of this decision are obvious, that is, the 2 million b / d production reduction measures will be extended to the second half of this year. After the announcement, the decline in oil prices widened.

OPEC+ abruptly announced on Friday that the June blockbuster policy meeting would be changed from offline to online, suggesting that OPEC+ may extend its current production cuts into the second half of this year.

OPEC has been considering moving the meeting online for weeks, but did not give an exact reason.

According to media reports later, some representatives said that the reasons may include the poor health of King Salman bin Abdulaziz of Saudi Arabia and the sudden death of Iranian President Ibrahim Lesi.

To many oil market watchers, the policy implications of the decision are clear.

Crude oil traders expect production cuts of 2 million b / d to remain unchanged, and several representatives have made similar forecasts.

Viktor Katona, chief crude oil analyst at market intelligence firm Kpler Ltd., said the change to online meetings clearly suggested that the existing quota would be extended. In April, OPEC+ decided to keep the existing oil production reduction policy unchanged, that is, the 2 million b / d production reduction will continue until the end of June.

OPEC+ will meet on June 2 to formulate policies for the second half of this year, a day later than originally planned, according to a statement posted on its website.

After the announcement, the decline in crude oil prices widened. As of press time, Brent crude oil and WTI crude oil, the international benchmark, both fell nearly 0.Learnvideopokeronlinefree.6%. Cloth oil has fallen by more than 7 per cent since April.

Although OPEC+ has implemented long-term production reduction measures, some member states have not performed well in production reduction, and the output of Iraq and Kazakhstan is still higher than the level stipulated in the production reduction agreement at the beginning of this year. Russia promised to cut production a year ago, but actually delayed its implementation for some time.

The supply of crude oil from the United States is still increasing. The latest data released by the US Energy Information Administration (EIA) show that EIA strategic oil reserve stocks in the United States in the week to May 17 were the highest since April 7, 2023.LearnvideopokeronlinefreeThe increase was the largest since the week of December 29, 2023, the 23rd consecutive week of increase.

Recently, EIA raised its oil production forecast again, raising US oil production to 13.21 million b / d in 2024, an increase of 280000 b / d, and to 13.72 million b / d in 2025, an increase of 510000 b / d.

On the demand side, the International Energy Agency (IEA) monthly report cut its global crude oil demand growth forecast by 2024 for the second month in a row, cutting its oil demand growth forecast for this year by 140000 b / d to 1.1 million b / d, mainly due to weak demand in OECD developed countries.

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