Up to now, there have been 17 oil price adjustments since this year, of which 1 1 was stranded for three times and rose for three times. Although the number of oil price increases is the same as the number of oil price decreases, the total amount of the three oil price decreases exceeds 1800 yuan/ton, while the total amount of the three oil price increases is only about 300 yuan/ton.
In addition, Saudi Arabia lowered the official selling price of Arabian light oil sold to Asian customers by 10 month, the biggest drop since May. This is seen as a sign that demand growth may come to a standstill with the surge of COVID-19 cases around the world. This year, the official selling price of Saudi Arabia fluctuated greatly, from a large discount during the price war to a large premium, because Saudi Aramco and other OPEC+exporting countries restricted production to raise oil prices. Restadh. Paola, senior oil market analyst of energy? Rodriguez-Mathew said: "When powerful Middle East oil producers are willing to sell at a lower price, it is normal for the global market to panic and follow up."
International oil prices continued to plummet last week, falling by more than 5%, refreshing the low level since mid-June and closing down for the second consecutive week. As investors expected, the demand outlook is still uncertain due to the increase of COVID-19 cases in some countries. US crude oil inventories unexpectedly rose. The global oversupply situation will continue due to the slow recovery of refinery production, the increase of offshore storage space by traders and the sharp reduction of Saudi Arabia's selling price. (Source: Today's Oil Price Network; ? Compile/car home? Graduation)