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Wednesday (Month) Asian market intraday, later in the day The oil market was on edge ahead of the announcement of the results of the Organization of the Petroleum Exporting Countries (OPEC) production cut meeting, with members trying to cut production to control the oversupply of crude oil.
U.S. crude oil futures were trading around .$/barrel, up cents from the last settlement.
Traders said that the market is currently extremely uneasy and oil prices may move quickly due to the progress of the meeting.
Oil prices fell nearly % yesterday as Saudi Arabia, Iran and Iraq continued to dispute over the details of production restrictions.
Analysts at Broker. said: &The current prospects for reaching an agreement to limit production are bleak, and oil price trends also reflect this view
But it means leaving all results to the last second. Expect to see a series of restless performances and then a big move in oil prices tomorrow
because in the end one party is always wrong, is it the seller or the buyer?&
said that if an agreement is reached If the agreement is reached, oil prices may rise above the mark. If no relevant agreement is reached, oil prices may fall rapidly, but they are unlikely to fall below USD/barrel.
Iran and Iraq have resisted pressure from Saudi Arabia to cut production, making it more difficult for the organization to limit production.
Reuters quoted people familiar with the matter as saying that Iran expressed to Saudi Arabia on Tuesday that it hoped that Saudi Arabia would cut production by 10,000 barrels per day, which is far beyond Saudi Arabia's willingness
The Iranian Oil Minister stated that when it arrives in Vienna, it will be stated that it is not prepared to reduce production & we will maintain the production level at the level at the time of the Algeria meeting. &
The Organization of the Petroleum Exporting Countries (OPEC) decided to reduce crude oil production by 10,000 barrels per day at the Vienna meeting on March 1. This is the first time in years that the organization has decided to reduce production.
OPEC announced after a meeting of about an hour that day that the organization decided to reduce crude oil production by 10,000 barrels per day and set a daily crude oil production limit of 10,000 barrels. The decision to reduce production will be implemented from day, month, year.
This is the first time in years that OPEC has made a decision to cut production in response to the continued low oil prices since this year. OPEC said that day that it decided to cut production to achieve a more balanced supply and demand in the crude oil market.
According to information provided by OPEC, Saudi Arabia has reduced production the most, with a daily reduction of 10,000 barrels of crude oil. Iraq, which had previously insisted on not cutting production, also agreed to reduce crude oil production by 10,000 barrels per day. At Iran's previous request, Iran's daily crude oil production limit was relaxed to 10,000 barrels, without any substantial production reduction.
Qatar’s Minister of Energy and Industry Al-Sada said at a press conference that day that, except for Indonesia, other OPEC member states unanimously passed
the decision to reduce production. Non-OPEC oil-producing countries have also reached an understanding with OPEC and decided to reduce crude oil production by 10,000 barrels per day, including Russia's commitment to reduce crude oil production by 10,000 barrels per day.
According to the understanding reached, the crude oil production of OPEC and non-OPEC oil-producing countries will be reduced by 10,000 barrels per day, but the share of 10,000 barrels of production reduction has not been implemented
OPEC said it will establish a ministerial supervisory committee composed of Algeria, Kuwait, Venezuela and two non-OPEC oil-producing countries to oversee the implementation of production cuts.
After OPEC made the decision to cut production, international oil prices rose sharply that day. As of the close of the day, the price of light crude oil futures for January delivery on the New York Mercantile Exchange rose by .USD to close at .USD per barrel, an increase of .%. The price of London Brent crude oil futures for delivery in 2020 rose by .USD to settle at .USD per barrel, an increase of .%. The U.S. oil and gas sector also experienced collective surges.
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