Saudi Arabia unexpectedly cut production. The meeting showed that OPEC and non-OPEC oil producers reduced their production by 7.2 million barrels per day in June 5438+ 10, 710.25 million barrels per day in February and 7.05 million barrels per day in March. Among them, Russia and Kazakhstan will increase production by 75,000 barrels per day in February and 75,000 barrels per day on the basis of February in March. Other members of the production reduction agreement keep the output unchanged. Saudi Arabia is willing to reduce production by another 6.5438+0 million barrels per day in the next two months, which is equivalent to about 654.38+0% of the global average daily supply of crude oil. The Saudi Energy Minister said that the purpose of Saudi Arabia's unilateral production reduction is to support its own economy, support the economy of our friends and colleagues, and make this industry better. Saudi Arabia's voluntary extra production reduction is like a New Year gift to the market, which can reduce inventory more quickly.
Compared with last year, Saudi Arabia agreed that limiting production is a significant change. After OPEC+reached a production restriction agreement last year, some member countries did not fully implement it, and Saudi Arabia also criticized its fraudulent personal behavior. This time, Saudi Arabia acted immediately, and the limited production far offset the accumulated high output of 50,000 barrels per day in Ukraine and Belarus in February and March, which surprised the sales market. If the price of a barrel of oil is 50 dollars, this huge compromise is likely to reduce Saudi Arabia's oil revenue by 3 billion dollars. In an interview with the reporter of International Finance News, the investment analyst of Everbright Financial Systems Department said that there are four reasons for Saudi Arabia's unexpected production restriction. First, Saudi Arabia is not optimistic about the next round of global crude oil demand. Due to the spread of the epidemic, but the effect of vaccination does not seem to be as fast as expected, Saudi Arabia has reduced the global demand for crude oil this year; Second, the outbreak of the epidemic has dragged down the supply of Saudi crude oil demand; Third, Saudi Arabia took the lead in reducing production to offset the increase of oil-producing countries such as Russia and Kazakhstan, and joined hands with the Organization of Petroleum Exporting Countries; Fourth, Saudi Arabia supported the price of crude oil by reducing production and achieved a breakthrough in the expectation of stable oil production in the market.
Judging from the current situation, the weak dollar, the release of water from various countries and the market's expectation of economic recovery in 20021year all support the rise in oil prices. But in fact, when we look at spot or fundamentals, the situation is not good. The epidemic in Europe and America is still spreading, and some European countries have extended the blockade. At present, the demand is not good. The market's speculation on oil prices is divorced from the fundamentals. Oil prices should not go up so high. This price is difficult to maintain. Therefore, Saudi Arabia has no choice but to support oil prices by reducing production. It is theoretically impossible for Russia and other countries to cut production, so only Saudi Arabia will cut production.