The hottest OPEC cut production by 1.5 million bar

OPEC cut 1.5 million barrels of crude oil caused dissatisfaction in Europe and the United States

OPEC cut 1.5 million barrels of crude oil caused dissatisfaction in Europe and the United States

October 28, 2008

[China paint information] popularity will also be further expanded. The organization of petroleum exporting countries held a special meeting in Vienna, the capital of Austria, on the 24th. After the meeting, it announced that it would reduce crude oil production by 1.5 million barrels a day from November 1 this year to prevent further decline in oil prices

OPEC may enter a "production reduction cycle"

OPEC members issued a statement after the meeting, saying that the decision to reduce production was due to market trends

the statement showed that except Iraq, the other 11 members reduced their daily production to varying degrees. After the reduction, the official OPEC oil production limit fell from 28.8 million barrels per day to 27.3 million barrels per day

Reuters quoted the information disclosed by the participants as saying that all members basically agreed to reduce production before the meeting, but slightly disagreed with the extent of the reduction. Saudi Arabia and other members are relatively less dependent on oil prices. Considering the possible impact of production reduction on the global economy, they tend to reduce production by 1million barrels a day. Iran and other members hope to reduce production with greater efforts, Reduce the day "China's steel output has exceeded 700 million tons, and the output is set at 2million barrels. However, the two sides quickly reached a compromise and consensus at the meeting.

on the day of the announcement of the decision to reduce production, the futures price of light crude oil for December delivery on the New York Mercantile Exchange fell by $3.69. The futures price of Brent crude oil for December delivery on the London International Petroleum Exchange fell by $3.87.

OPEC officials made it clear after the meeting on the 24th that if this time The decision to reduce production cannot curb the decline in oil prices, and further production cuts will be considered

some industry analysts believe that OPEC may enter a "cycle of production reduction to avoid pollution by other materials" and will continue until 2009, and the price of crude oil may also fall to $50 a barrel

Britain and Germany called on oil producing countries to "undertake"

OPEC's decision to reduce production has worried the United States and European countries that have suffered from the financial crisis, and the United States, Britain and Germany have put pressure on OPEC

the White House called OPEC's decision to cut production "anti market". "We have always believed that the price of oil and other commodities should depend on the open competitive market," White House spokesman Tony frato said, "rather than this counter market decision." The British and German governments called on OPEC members to assume the "responsibility" of oil producing countries and consider the impact of production cuts on the global economy

in fact, there should be no oil leakage in the economic sector. Analysts believe that the United States and European countries hope that oil prices will remain low to ease inflationary pressure, thus leaving more policy space for countries to ease the financial crisis and stimulate economic growth by means of interest rate cuts and other means