|
|
|
 YOU ARE HERE：HOME >> NEWS >> OPEC oil production cuts revealed willingness to respond positively to… |
| OPEC oil production cuts revealed willingness to respond positively to Russia |
| Name：admin Time：2016/1/26 Read：1100 |
Petroleum Exporting Countries (OPEC) recently revealed a willingness to cut production, Russia has also made a positive response. Russian Energy Minister and president of the Russian oil companies hold a meeting on the 27th, to discuss how to deal with low oil prices. Russian oil pipeline company CEO Tokarev said after the meeting, Russia and OPEC oil production cuts will likely discuss the issue in February.
Earlier, OPEC Secretary-General also called on members of the Organization, in cooperation with non-OPEC production. Since 2014, OPEC has been pursuing a policy does not cut, the market is considered one of the main causes of the drop in oil prices.
Saudi position or loose
According to Itar-Tass reported that Russian oil pipeline company CEO Tokarev 27 after the meeting told the media that the parties to the meeting on how to take collective measures to stabilize oil prices made many useful ideas. Russia is ready to discuss the issue with Saudi Arabia and OPEC production cuts by reducing supply to raise prices. The day of the meeting also discussed the implementation of the technical solution of Russian production due to climatic reasons, Russia can be implemented only in the summer production.
OPEC Secretary General Badri day before the appeal, the world's largest oil producers should consider joint production, to help curb the worst in decades oil prices fell. He stressed that unless the individual oil producers inside and outside OPEC to join hands to resolve the excess supply, or the future of oil production will be in turmoil. Oversupply has led to oil prices in 18 months fell by 70%, resulting in a substantial reduction in oil industry investment and jobs. Currently all the major oil-producing countries should jointly explore a solution. The market needs to see stock prices can decline to make the rise, the level of investment that can be recovered.
Market analysts believe that since July 2014, international oil prices continued to weaken the main reason is oversupply. Faced with falling oil prices, accounting for one third of global crude oil production of OPEC production cuts failed to take measures, in Iran after the lifting of sanctions will also significantly increase oil production. In addition, shale oil revolution to make a substantial increase in US crude oil production, the latest US Energy Information Administration data show that the current US daily oil production of about 923 million barrels.
Despite falling oil prices, major oil producers Saudi Arabia but has said it would not cut production. Saudi Arabia is to withstand the pressure does not cut through the low oil price competitors out of the bureau, in order to maintain and even expand its market share. But Saudi Arabia 25 but also said that all oil-producing countries should join together to consider countermeasures, making the market speculation that the Saudi stance may be loose.
Market prices bottomed revisit
Although the vast majority of institutions are not optimistic about the oil price this year, but that the 25 to 30 dollars a barrel oil prices may be "bottom of the range," when it comes to the prices will get strong support, even to the recent volatility in the range above the year .
The latest World Bank report in 2016 crude oil price forecast cut $ 14 a barrel to $ 37. World Bank economists said oil demand will continue to slump, while Iran's resumption of exports, the US high yield combined with mild winter in the northern hemisphere will lead to increased supply. Despite the near-term outlook is not optimistic about oil prices, but economists expect the Bank in the "bottom", the latter half of 2016, oil prices are likely to gradually rebound, but the rebound will be less than in the past in 2008, 1998 and 1986, large after the rebound fell. Then supply and demand may be some changes compared with the current high cost of crude oil producer after continued losses, will continue to increase efforts to cut production in order to offset the incremental market. With the moderate global economic growth, oil demand is expected downturn may be strengthened. The current oil price slump is more affected by market factors, it can not fully reflect the underlying supply and demand situation.
OPEC's latest monthly report also noted that crude oil may be a "rebalancing" of some oil-producing crude oil production will decline, while the global demand will rise due to low oil prices, the recent oil price will rebound. JPMorgan recommends investors buy the dips and even crude oil. The agency is expected by the end of analysts Kolanovic oil prices rebounded to US $ 45-50 per barrel is entirely reasonable, at $ 60 a barrel in fact very likely. Kolanovic analysis of past performance seriously lagging behind in crude oil stocks, he found over the past 30 years appeared in a total of 10 such cases, and each oil are eventually retaliatory rebound. Kolanovic think, after crude oil hit a record short positions, massive short-covering will be the main driver of the price rebound. In addition, many emerging economies to stabilize the potential rise in demand, and the market will eventually see oil producers cut production to reach agreement. |
|
| |
|
|
|
|
