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Although OPEC’s latest monthly report released last Friday (May 3) showed that the organization’s monthly crude oil production hit a record high, Saudi Energy Minister Falih still said last Sunday (May 2) that OPEC member states It is necessary to unify the position on the production reduction agreement reached in Algiers in the launch month.
According to Reuters, Saudi Energy Minister Falih visited Algeria last Sunday and discussed OPEC policy with the country’s oil minister. Both sides affirmed the preliminary production reduction agreement reached in Algiers in March and believed that it should be The meeting time of a high-level committee has been advanced to March 2019 to continue discussing the details of the production reduction. Saudi Energy Minister Falih also said that OPEC members must unify their position on the production reduction agreement reached in Algiers in the launch month.
However, data released last Friday showed that OPEC’s monthly crude oil production increased by 10,000 barrels per day from the previous month to 10,000 barrels per day, setting another record high.
Citing secondary data, OPEC said that Iraq's crude oil production in March was 0.000 barrels/day, which was higher than the 0.000 barrels/day in March. Saudi Arabia's crude oil production was 0.000 barrels/day, which was lower than 0.000 barrels/day in May. Nigeria's crude oil production is 0.000 barrels/day, which is higher than the 0.000 barrels/day in the month. Kuwait's crude oil production is 0.000 barrels/day, which is higher than the 0.000 barrels/day in the month. The UAE crude oil production is 0.000 barrels/day, which is high. Iraq's crude oil production was 0.000 barrels/day in May, which was higher than 0.000 barrels/day in May.
It is worth noting that Iran’s crude oil output reported to OPEC in March rose to 10,000 barrels per day, the largest increase in crude oil production since the lifting of sanctions, and OPEC’s second-hand information estimated that Iran’s output was 10,000 barrels per day. Iran's reported production increase exceeded the previous month's total increase. In addition, the crude oil production reported by Saudi Arabia decreased by 0.000 barrels to 0.000 barrels per day compared with the previous month.
Although OPEC plans to cut or freeze production, market participants are still skeptical about whether a final agreement can be reached when it meets on October 1, and they are also worried that no matter what agreement is reached, it will not be effective.
Commodity analysts at Dubai Bank said last Friday that OPEC's increase in production has made the production reduction plan more difficult, and that a production cut of 10,000 barrels is needed to have an impact on oil prices.
He said that according to the agreement reached in Algiers this month, OPEC originally needed to reduce production by 10,000 barrels per day, but now it needs to reduce production by 10,000 barrels to reach the production target
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