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OPEC limit production agreement between oil prices jumped nearly 6% for the first time in eight years

by:Deyuan      2020-12-23
Oil prices in more than two years after the OPEC finally to make moves.

after four and a half hours & other; Battle & throughout; Informal talks this week, OPEC limit production agreement for the first time since 2008. Earlier media reported the news of the OPEC agreed and this November, international oil prices rose nearly 6%, recovering the day before because of Saudi expectations OPEC can't reach frozen drop caused by the production and the nearing $50 a barrel mark.

OPEC marathon talks eventually reach consistent production

OPEC said in a statement after the talks, to stabilize the market with non-opec dialogue. Global oil demand is strong, the future supply industry in the low level of investment and jobs.

OPEC President, said the OPEC made historic achievements' non-regular meeting this week, OPEC countries agreed to keep output targets set in 3250 - Interval (33 million barrels per day Note: in August this year level can reduce 0. 6% - 2. 1%) ; OPEC will set up a technical committee, study the implementation of the distributed mechanism; Need to accelerate the process of market supply and demand balance again.

Iran's oil minister, said Iran without frozen. Venezuela's energy minister said that OPEC will decide how long cuts in November this year, in November before Vienna meeting decide how to allocate production tasks; The cut detail technical committee decision by OPEC. The uae's oil minister, said OPEC will cooperate with non-opec countries, committed to achieving market supply and demand balance.

media leaks, oil prices ahead of stock price, oil producer currency rose broadly

on Wednesday after OPEC closed-door talks began, according to bloomberg news Algeria proposed production, Libya is expected to OPEC is expected to reach an agreement. Bloomberg said, citing the file content Algeria advice:

OPEC meeting national average daily output of 79. 60000 barrels to 32. 4 million barrels, equivalent to a - January this year The average yield reduced by 1 August. 6%, fell 2 August production. 4%;
production exemption from Nigeria, Libya and Iran in The Three Kingdoms;
Iran and Saudi Arabia are set oil output limit goals, Iran's daily production target of 3. 7 million barrels, slightly higher than Iran in August 3. 63 million barrels a day, 1014 Saudi daily goals. 50000 barrels a day, less than August output by 10. 63 million barrels a day this year.
Libya's oil minister Mossa Elkony said that the talks could reach an agreement. See Algeria submitted OPEC's advice, Libya is expected to cut deal will allow exemption from Libya, Iran, and Nigeria.

since Wall Street see real-time news, Reuters quoted OPEC said that OPEC meeting to reach an agreement, agreed to limit per day to 32. 5 million barrels, in November this year, for the leak after implementation, OPEC will seek non-opec oil producing countries to support it. Also learned that after the Wall Street journal, OPEC decided to limit production but have to wait until November to finalize plans.

the above Algeria and Libya on the news, the oil and oil are high refresh, nearing $46 per barrel and 48 dollars/barrel. Reuters OPEC have their agreement on the news, once both the oil and oil rose nearly 6%, the oil above $47 a barrel of oil above $49 a barrel, nearing $50 a barrel mark.

the news of the OPEC limit production agreement also drove U. S. stocks rise in the energy sector, exxon mobil ( 埃克森美孚) , chevron ( Chevron) And bp ( 英国石油公司(BP) At 4, respectively. 1%, 3. 1% and 3. 7%.

oil producer currency exchange rate also rose. The Russian ruble and Norwegian krone against the dollar against the us dollar rose 0, respectively. 9% and 0. 8%.

runs smooth Wall Street the wrong OPEC

the closed-door talks the wind turns to OPEC. Prior to the talks, OPEC's largest oil producer Saudi Arabia and Iran are key members snort will not reach an agreement. Saudi Arabia's energy minister Khalid al - Falih said Tuesday, not expected during the informal meetings to reach an agreement. Oil prices fell more than 2% that day, giving up some gains of the previous day.

on Wall Street, see the article mentioned last night, before the closed-door talks, Iran's oil minister Bijan Namdar Zanganeh, said OPEC meeting is expected to make significant progress, but may have to wait until the end of November this year the next OPEC official meeting will reach an agreement.

cautious not only Saudi Arabia and Iran, after most Wall Street analysts also don't believe in OPEC meeting. On Wall Street, see the article mentioned, bloomberg last week, according to a survey among the 23 analysts, only two people talks this week are expected to reach an agreement.

after western analysts believe that the OPEC meeting most likely fruitless, most unlikely to achieve production, to achieve the main impediment to jelly production from Nigeria, Libya and Iran. Even if frozen production may save these countries. But if the exemption, excess supply higher oil prices fell more than a third of the last year.

but there are a few analysts expect OPEC may have agreed to take action. Royal bank of Canada ( 加拿大皇家银行) Commodities, head of investment strategy Helima Croft predicted that this informal meeting or send some form of frozen resolution, or at least arrange specific production quotas for specific countries.

Croft wrote in a report:

& other; The meeting place of the market environment is conducive to some type of agreement, if the informal meeting of a few days time is not enough to solve the problem of all the details, then the subsequent statement will strongly recommend meeting in November to act. ”
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