Jin Huiyan: Oil Prices Drop More Than2%approximation46 Multiple indications suggestOPECNo hope of reducing production

Jin Huiyan: Oil Prices Drop More Than2%approximation46 Multiple indications suggestOPECNo hope of reducing production
During today's European trading session, international oil prices continued to decline, falling more than once2%, approximation46Pass. As the Vienna Conference approaches on Wednesday, more and more voices are coming:OPECThere is no hope for a production reduction agreement.
European session in the United Statescrude oilfuturesThe price has dropped significantly, and the decline is approaching at one point2%, lowest touch46.02dollar/Bucket; Brent crude oil futures prices have also rapidly declined.
Due to the high level of uncertainty prior to the conference, traders have stated that news related to the Vienna conference is likely to cause sudden fluctuations in oil prices. Investors are advised to remain cautious!


1According to sources, Iran will not follow the production freeze agreement, and some of the figures mentioned by sources are incorrect.
2Indonesian Energy Minister: No decision has been made on whether to reduce production, unsure if he will complyOPECThe agreement is optimistic.
3According to the Russian news agency(RIA)On Tuesday, Russian Energy Minister Novak stated that he does not plan to attend the OPEC meeting on Wednesday(OPEC)meeting;
4Iran and Iraq are still resisting pressure from Saudi Arabia to reduce production, which has led to the Organization of the Petroleum Exporting Countries(OPEC)It is difficult to reach a global production restriction agreement at Wednesday's meeting.


OPECA source told Reuters on Monday that the expert meeting held in Vienna on Monday failed to reconcileOPECThe actual leader Saudi Arabia, as well as the second and third largest oil producing countries of the organization, are divided over the production reduction mechanism.
The dispute between Iraq and Saudi Arabia mainly revolves around whether Iraq should use its own production estimation data to limit production, or useOPECExperts provide lower data.
along withOPECThe internal tension has escalated, and Saudi Energy Minister Falih stated over the weekend that even without a production restriction agreement, the oil market will restore balance on its own.
Iran and Iraq assume that Saudi Arabia will unilaterally reduce production in order to push up oil prices, and they believe that it may be able to push Saudi Arabia into a cornerEnergy Aspects Ltd.Chief Oil AnalystAmrita SenSay.
It also pointed out that "Saudi Arabia has actually declared that it has not been forced to this point and will not participate unless all parties contribute
PVM Group Ltd.Chief Executive OfficerDavid HuftonIndicating that ifOPECIf a reliable production reduction agreement cannot be reached on Wednesday, oil prices may fall below this level within the year40The US dollar will fall to30USD.
Sweden's Nordic Bank expects to hear more about Sunday's meeting with Saudi Arabia The unanimous statement that 'production reduction is not really necessary'.
They will inevitably have to save faceSEBChief Commodity AnalystBjarne SchieldropIn the email report, it was stated that,OPECMaybe kick the ball to the next time in six monthsOPECMeeting.


Investors need to closely monitor Wednesday Beijing time(11month30day)05:30The upcoming release of the United StatesAPICrude oil inventory report and Wednesday Beijing time(11month30day)23:30The upcoming release of the United StatesEIACrude oil inventory report.
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