Behind the surge in international oil prices, the contraction expectations of both the demand side and the supply side are boosting. On the evening of March 4th, Beijing time, the14th meeting of foreign ministers of OPEC and non-OPEC countries (OPEC+) was held by video conference. At this meeting, the production reduction plan was extended.

At this meeting, the ministers approved to maintain the production level from March to April. However, due to the persistent seasonal consumption pattern, Russia and Kazakhstan were allowed to increase production by130,000 barrels and 20,000 barrels per day respectively.

After OPEC+announced the postponement of production reduction, international oil prices also rose rapidly. On March 4th, WTI crude oil futures closed up 4.49%, while Brent crude oil futures closed up 4.98%.

Extended data:

A new round of domestic refined oil price adjustment window opens

According to the information released by the National Development and Reform Commission, according to the recent changes in oil prices in the international market and the current formation mechanism of refined oil prices, the domestic gasoline and diesel prices have increased in 260 yuan and 250 yuan respectively since 24: 00 on March 3rd, 2002/KLOC-0. It is understood that this is the eighth consecutive increase in domestic refined oil prices since June 2020165438+1October, and it is also the first "eight consecutive increases" since the implementation of the new pricing mechanism for refined oil products on March 26, 20201March.

Since the beginning of this year, China has experienced four rounds of refined oil price adjustment. After this round of upward adjustment, the price adjustment of 202 1 refined oil showed a pattern of "four rises, zero falls and zero stranding", which was equivalent to a cumulative increase of 0.6 1 yuan per liter for No.92 gasoline and 0.65 yuan per liter for No.0 diesel oil.

It is worth noting that the rise in oil prices has also driven up the prices of downstream chemical products. According to the report released by BOC Securities, during the week from February 22 to 28, among the 10 1 chemical products it tracked, the prices of 63 varieties rose, the prices of 7 varieties fell, and the prices of 3 1 chemical products were stable. Global commodity prices rose and downstream demand recovered. This year's peak season may have arrived ahead of schedule, and the prices of some chemicals may continue to rise in March.