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Inventory data sets the tone for the daily trend of oil prices, but the further finalization of the details of the OPEC production limit agreement will continue to boost oil prices. Algeria’s Energy Minister said that OPEC and non-OPEC oil-producing countries plan to hold an informal meeting in Istanbul, Turkey, on October 1 to discuss the implementation of the Algiers Agreement.
Earlier, Venezuelan Oil Minister Pino said in an email announcement that OPEC members can reduce daily production by 10,000 barrels, and non-OPEC oil-producing countries can reduce daily production by 10,000 barrels
The Algiers Agreement will help oil prices Reaching the equilibrium level, causing oil prices to increase compared with the monthly average price, the USD agreement will last for months, and oil prices should return to the range in the coming months.
Although the production restriction agreement is in sight, it is still difficult to change the oversupply situation in the oil market.
The decline in crude oil inventories is due to a decrease in crude oil imports from the United States. As long as the inventory decrease is due to a decrease in imports, it implies that the global oversupply has not been alleviated. Although the reduction in the U.S. oversupply will help the region restore balance and support oil prices, Oversupply persists in other regions and oil prices will remain under pressure.
Goldman Sachs’ head of commodity research, Cary, believes that the annual oversupply situation in the crude oil market looks set to be quite serious. Official data released last week showed that commercial crude oil inventories excluding strategic reserves are still at a high level of 100 million barrels, 1% higher than the five-year average, indicating that the oil market is still some way away from eliminating oversupply.
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