The sharp increase in U.S. inventories suppressed the decline in oil prices, and the market was still worried about the OPEC production reduction agreement
the sharp increase in U.S. inventories suppressed the decline in oil prices, and the market was still worried about the OPEC production reduction agreement
February 16, 2017
[China paint information]
international crude oil prices fell slightly in the Asian market on Wednesday (February 15), due to the sharp increase in U.S. crude oil inventories last week, And the market is worried about whether the organization of Petroleum Exporting Countries (OPEC) can maintain the high degree of compliance with the production reduction agreement so far
Brent crude oil futures fell 0.5% to US $55.68 per barrel on Wednesday, and US WTI crude oil futures fell 0.60% to US $52.88 per barrel. On Monday, both major indicators of crude oil fell 2%, close to the midpoint of the $5 trading range that has not been broken since December last year
the American Petroleum Institute (API) released a report on Tuesday (February 14) that as of the week of February 10, U.S. crude oil inventories increased by 9.94 million barrels to 513.5 million barrels, recording an increase for six consecutive weeks. Analysts estimated that the panel sealed the windshield from the column to increase by 3.5 million barrels. At the same time, gasoline and refined oil storage also increased unexpectedly
in December last year, the organization of Petroleum Exporting Countries (OPEC) and other oil producers including Russia reached an agreement to reduce production by nearly 1.8 million barrels per day in the first half of 2017. According to OPEC's weekly January report, due to the production reduction in Saudi Arabia and other countries far exceeding expectations, the completion rate of OPEC's production reduction index in January has reached a record of more than 90%
according to Reuters' OPEC data, 11 OPEC member countries have contributed 93% of the implementation rate of production reduction in January. Last week, the International Energy Agency (IEA) other packaging materials/accessories: it was expected that the implementation rate of OPEC production reduction in January would be 90%, which has set a record high
bmi research said that based on the OPEC performance rate of 92.8%, OPEC reduced production by 1.08 million barrels per day. However, the agency warned that "Iraq's compliance rate is only 40%, which may cause problems for the unity of the entire OPEC, because the production reduction of other member countries must exceed the target in order to achieve the OPEC's overall production reduction of 1.2 million barrels per day in the first half of 2017, and the principle and protection of fatigue testing machines."
tariq Zahir of Tyche capital said, "the market has basically digested the production reduction agreement, making there is little room to break through the range. Now either supply disruption or substantial production reduction is required to drive prices. Obviously, OPEC will try its best to reduce production in the first month, but after that, let's wait for the second and third months."
in addition, analysts pointed out that although OPEC led the production reduction, the increase in U.S. oil production weakened the impact of the production reduction efforts. At present, the total bidding amount of railway investment in U.S. crude oil production has reached 1.35 trillion yuan, and the volume has increased by 6.5% since the middle of 2016 to 8.98 million barrels/day, the highest since April last year
according to the data released by the US Energy Information Administration (EIA) on Monday, the US shale oil production in March is expected to record the largest increase in five months, to 4.87 million barrels/day
Copyright © 2011 JIN SHI