OPEC internal differences to increase production cuts, fears of variable oil prices fell in intraday pressure on Tuesday
On the Tuesday (June 19), international oil prices fell under pressure, as the OPEC policy talks were likely to be divided. This made the outlook for the crude oil market unclear, and the sharp rebound in the US dollar put pressure on oil prices. US WTI crude oil futures price hit a low of 64.25 US dollars / barrel, Brent crude oil futures price hit a minimum of 74.47 US dollars / barrel.
Yesterday, the oil price rebounded strongly, as the market expected OPEC to increase production by less than expected, which made the panic ease. According to feedback from insiders familiar with the OPEC industry, the meeting may decide to increase production by 300,000 to 600,000 barrels per day, thus appropriately filling the supply shortage of Venezuela and Iran, and ensuring that oil prices will not fall sharply.
Previously, the market had expected OPEC and Russia to increase production by at least 1 million barrels per day.
However, it seems that there are differences of opinion within and between OPEC and Russia. Saudi Arabia and Russia support increased production, but Iran, Iraq, Venezuela and Algeria are opposed to increase production, which makes this week's policy meeting a big challenge.
On Monday, the Ecuadorian oil minister thought that the policy talks were full of variables because the two sides were evenly matched.
Russian Energy Minister Alexander Novak warned that the growth in demand for crude oil will start to accelerate in the third quarter, and if no action is taken, the crude oil market will face a shortage of supply.
Nowak said that he hopes that OPEC and non-OPEC oil-producing countries can jointly increase production by 1.5 million barrels per day.
At 00:59 Beijing time, the US WTI crude oil futures price was reported at 64.67 US dollars / barrel.
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