The hottest OPEC kept its output unchanged and cru

2022-08-18
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OPEC kept its output unchanged, crude oil soared

crude oil futures soared above $100 on Wednesday, as the organization of Petroleum Exporting Countries (OPEC) announced to maintain its production quota

the settlement price of July light sweet crude oil futures contract on the New York Mercantile Exchange rose $1.65, or 1.7%, to $100.74 a barrel. The settlement price of ice Brent crude oil futures contract rose $1.07, the so-called five axis additive manufacturing yuan, to $117.85 a barrel, up 0.9%

OPEC's decision surprised the oil market. Investors had generally expected that the organization would raise the production ceiling because oil prices had reached the triple digits and economic growth was expected to be strong in the second half of the year

Alexander poegl, head of business development at jbcenergy in Vienna, said the results were unexpected. OPEC, not Saudi Arabia, wants crude oil prices to remain at $100/barrel, not dollars

the Gulf countries led by Saudi Arabia, the world's largest exporter, have planned to increase OPEC's production quota by million barrels per day. However, some countries, including Iran and Venezuela, opposed the increase in quotas, saying there was sufficient supply

after OPEC announced its decision to maintain its production quota unchanged, the choice of spare parts for the delivery of experimental machines is also crucial. Yi quickly pushed the oil price above $100, but the crude oil futures price on the New York Mercantile Exchange is still far below the recent high near $115 hit in early May

although the price rebounded on Wednesday, the long-term impact is uncertain. Since OPEC member states generally believe that the output has been higher than the quota, market merchants are more worried that the actual output is higher than the normal quota level

there are already signs that Saudi Arabia may unilaterally increase production. After the Vienna meeting, Saudi oil minister alinaimi said that the Gulf countries would meet market demand, although the OPEC meeting decided not to raise production quotas. Two Gulf sources told Dow Jones newswires that Saudi Arabia plans to immediately increase production from the current 9million barrels per day to 10million barrels per day

Tom Bentz, director of bnpparibascommodity futures in New York, said that Saudi Arabia said it would do its best to improve market supply before the meeting, and they would do so

OPEC member states have not reached an agreement on production quotas in the coming months. Mohammad Aliabadi, Iranian oil minister and chairman of OPEC, said he would hold an emergency meeting before the next meeting scheduled to be held in Vienna in December. Taking advantage of the excellent properties of graphene,

poegl said, I think Saudi Arabia will find some supporters, at least some blind followers. I think they want to make dangerous challenges to the role of OPEC

the US crude oil inventory report released on Wednesday showed that crude oil inventories fell more than expected, which also helped push oil prices higher. The U.S. Department of energy said crude oil inventories fell 4.8 million barrels last week, higher than the 400000 barrels previously expected by analysts

gasoline inventory increased by 2.2 million barrels and distillate oil inventory increased by 800000 barrels, both higher than expected

the settlement price of July rbob gasoline futures fell 1.32 cents, or 0.4%, to $2.9787 per gallon. The settlement price of heating oil futures in July rose 1.67 cents, or 0.5%, to $3.0937 per gallon

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