The hottest OPEC cut production twice, and the oil

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OPEC's second production reduction is uncertain, and the oil price falls again

Saudi Arabia tries to reduce production for the second time to prevent the oil price from falling continuously, but Kuwait believes that it is too early to talk about the second production reduction. OPEC's internal differences on production reduction made the market at a loss. International oil prices fell again on Tuesday. At the close of Tuesday, December light crude oil futures on the New York Mercantile Exchange were $58.93 a barrel, down $1.09 from the previous trading day; Lun cut Brent crude oil on the Intercontinental Exchange in London after water-cooled finalization under the action of a tractor, with December futures down $1.27 from $58.48; Heating oil futures in New York fell 3.81 cents to 168.03 cents per gallon in December; Gasoline futures in November closed at 152.41 cents per gallon, down 0.49 cents; In December, Bob gasoline futures closed at 153.56 cents per gallon, down 0.77 cents from the previous trading day; November diesel futures on the London Intercontinental Exchange closed at $530.25 per ton, down $6.25 from the previous trading day

analysts and traders questioned whether the 11 member countries of OPEC would reduce the delivery volume, or whether the delivery volume could be reduced by 1.2 million barrels a day. The U.S. Department of energy said that OPEC is expected to reduce its daily supply by 800000 barrels in the rest of this year

The oil ministers' meeting of the member states of the Gulf Cooperation Organization will be held in Abu Dhabi on Wednesday. The member states of the organization include Saudi Arabia, Kuwait, the United Arab Emirates and Qatar, OPEC members in the Persian Gulf region, as well as Bahrain and Oman, two non OPEC oil producing countries. The meeting will prepare a joint policy to be submitted to the Gulf Cooperation Council Summit in Riyadh next month, mainly to prepare an emergency energy plan for the region. Most of the ministers attending the Abu Dhab meeting have dual positions in energy and mining. A common mining law of the Gulf Cooperation Council will also be discussed at this meeting. Although there was no issue of production reduction at this meeting, OPEC member states were tracked when they gathered in Abu Dhabi and expressed their views on production reduction

Naimi of Saudi Arabia believes that the possibility of OPEC reducing production at the oil ministers' meeting in December is "very high". Qatar's oil minister also believes that OPEC may reduce production at its meeting in December because of the current market imbalance. Kuwait's oil minister said that the oil market was currently in a balanced state, and OPEC did not have to decide to reduce production when it held a meeting in December

OPEC chairman dokla said that the refining industry needs to invest 310billion US dollars to overcome the shortage of oil processing capacity, which will lead to greater fluctuations in oil prices in the next few years. In Seoul on Tuesday, Ducla said that OPEC's decision to reduce crude oil production by 1million barrels a day from November 1 could slightly boost oil prices from the current level close to $60 a barrel. He believes that the current shortage of refining capacity will not be alleviated before 2010. Due to the limitation of refining capacity, the oil price is expected to fluctuate significantly

strength, including Saudi Arabia, some OPEC member states deny that there is any shortage in the market, and Saudi Arabia's oil minister Naimi and other OPEC officials have accused oil consuming countries of being unable to process the heavier crude oil produced by OPEC. Daukla said that in 2005, the world needs more desulfurization devices to purify nearly 20million barrels of crude oil per day

Alaron trading company analyst Flynn in Chicago believes that Kuwait's oil minister's speech shows that there are differences within OPEC, which may be enough to prevent oil prices from rising and breaking through the resistance level of about $60.30 a barrel, thus triggering technical selling. He said that the main reason for the decline of crude oil futures on Tuesday was the technical selling, but there was no event to boost the market in Nigeria, so the oil price fell after rising for two days

the Nigerian local government said that local residents, protesting against the excessive pollution caused by oil exploitation, attacked an oil production facility of Italian Eni oil company ajip on Monday, and kidnapped 50 hostages. The company said the incident led to the closure of the pump station with a daily production capacity of 50000 barrels. At present, the two sides are negotiating on the clean-up of pollution and environmental compensation

the market is also waiting for the US oil inventory data released on Wednesday. Reuters survey data show that as of November 3, the U.S. commercial crude oil inventory is expected to increase by 500000 barrels compared with the previous week, gasoline inventory increased by 400000 barrels, distillate oil inventory decreased by 300000 barrels, and the operating rate increased by 0.6 percentage points

the average value of 9 analysts surveyed by Dow Jones is. U.S. crude oil inventory increased by 70000 barrels, gasoline inventory increased by 70000 barrels, distillate oil inventory decreased by 100000 barrels, and refinery operating rate increased by 0.1%. Among them, five analysts expect the U.S. crude oil inventory to increase by million barrels, three think it will decrease by million barrels, and one thinks it will not change; As the daily import volume is more than 10million barrels, although the operating rate of refineries rises, the U.S. crude oil inventory also shows an anti seasonal growth trend. For gasoline inventory, six people thought that it would increase by 10000 barrels, two people thought that it would realize the fixed angle swing of the swing rod and decrease by 10000 barrels, and one person thought that there was no change; Three people believed that the distillate oil inventory increased, one thought that there was no change, and five thought that it decreased

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