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The monthly crude oil futures price on the exchange closed down by .USD, or .%, to close at .USD/barrel. It fell by .% on the previous trading day, and has continued to fall from a periodic high. Two-day pullback. At the same time, the price of monthly Brent crude oil futures on the Intercontinental Exchange in London fell by .USD, or .%, to close at .USD/barrel. The reason why crude oil prices fell back for the second consecutive day on Tuesday and U.S. crude oil briefly fell below the USD/barrel mark was mainly because the meeting between C and non-C oil producing countries in Istanbul did not take place when oil output in C hit a record high again. There are new developments, and Secretary-General Barkindo said today that no decision has been made on the issue of whether China and non-C oil-producing countries will reduce production at the same time, or whether they will cut production first.
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(Disclosed in C Monthly Report (Oil output of C member countries)
On Wednesday, C announced its monthly oil market report. According to secondary data, C’s oil production increased by 10,000 barrels per day to 10,000 barrels per day, and recorded a new Record high.
C's monthly report shows that although Saudi Arabia's oil production recorded the largest decline, with a "big drop" of 10,000 barrels per day, down to the output level of 10,000 barrels per day, this was offset by increases in production in other oil-producing countries. This led to Saudi Arabia's production cuts, which ultimately led to C's overall oil production reaching a record high again.
Specifically, Iraq's crude oil production increased by 0.000 barrels/day to 0000 barrels/day. Nigeria's crude oil production increased by 0000 barrels/day to 0000 barrels/day. Libyan crude oil production increased by 0000 barrels/day. Iran's crude oil production increased to 10,000 barrels per day and increased to 10,000 barrels per day. The increase in production from some member countries has completely offset the reduction in Saudi oil production.
On the occasion of the announcement of the increase in oil production in March, C and non-C member states are holding consultation meetings in Istanbul on oil output issues. Although Russian President Vladimir Putin previously stated during the Istanbul World Energy Conference that Russia is willing to cooperate with C to freeze crude oil production or even reduce production to stabilize the international crude oil market.
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