On the afternoon of 25th Beijing time, the international crude oil futures price plunged sharply. US crude oil continued to fall, with an intraday low of $69.65438 +07/ barrel, the lowest since May 7; Brent crude oil fell below the $77 mark, as low as $76.86, and the intraday decline expanded to more than 2.7%. Russia and Saudi Arabia have successively released signals to increase crude oil supply, which has greatly suppressed oil prices.

Energy ministers in Riyadh and Moscow said on Friday that they were prepared to slow down production cuts to calm consumers' concerns about adequate supply. Khalid Falih of Saudi Arabia and Alexander Nowak of Russia both said that any such measures would be gradual.

Because the market is worried that the price will rise too fast, LCOc 1 has reached the highest point since the end of 20 14, which is $80.50/barrel this month. Therefore, increasing production will ease the strict supply restriction in1July.

Mohammad Baldin, secretary general of the Organization of Petroleum Exporting Countries, said that after Trump released a key tweet, the Organization of Petroleum Exporting Countries began to discuss slowing down production cuts. Trump tweeted last month that the Organization of Petroleum Exporting Countries "artificially" pushed up oil prices.

"As friends of America, we are proud." Baldin told the Saudi and Russian energy ministers at the main Russian economic forum in St Petersburg.

The Organization of Petroleum Exporting Countries (OPEC) led by Russia and its allies have agreed to reduce the daily output by about 6.5438+0.8 million barrels (bpd) before 2065.438+08, so as to reduce the global inventory, but the surplus inventory is now close to the goal of OPEC.

In April, the participants in the agreement cut production by more than 52% of the required production, and Venezuela's production affected by the crisis fell, which helped the Organization of Petroleum Exporting Countries achieve a larger production cut than expected.

According to informed sources, an increase of about 6.5438+0 million barrels per day will mean that the standard level will reach about 654.38+0.000% of the agreed level, rather than exceeding it.

Barkindo also said that it is not uncommon for the United States to put pressure on the Organization of Petroleum Exporting Countries, because the US Secretary of Energy has asked producers' groups to help lower prices in the past.

Oil prices fell more than 3% to $76 a barrel on Friday, as Saudi Arabia and Russia said they were prepared to relax supply restrictions.

Source: sohu finance.