International oil prices have turned from rising to falling. Cloth oil is currently down nearly 0.3% to $77.88. WTI crude oil is currently down 0.55% to $68.39. Earlier, according to the Russian Tass news agency, Russian Energy Minister Novak said that the OPEC+ meeting may discuss oil production increased by 1 million barrels per day.
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Russian Energy Minister Alexander Novak said that at the upcoming Algiers meeting, OPEC+ may discuss options to increase oil production by more than 1 million barrels per day.
Novak said: “I think we have the opportunity to discuss any situation of the situation, we need to consider the situation and the most convenient action.”
He said that in August, our implementation rate of production cuts was 108%. In other words, we have not even fully resumed production. We will discuss this situation and see what happens in the fourth quarter of demand and projected supply, taking into account the actions of the OPEC+ countries and the countries that are not part of the agreement. ”
According to the Tass news agency, 16 countries have been invited to participate in the OPEC+ ministerial meeting held in Algiers on September 23.
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OPEC Secretary-General Mohammad Barkindo said in an interview in Dubai on Sunday that a historic crude oil supply agreement between Saudi Arabia, Russia and other oil-producing countries at the end of 2016 is necessary to become a permanent agreement. He said that although crude oil consumption “begins to face some unfavorable factors”, crude oil demand is “strong.” Barkindo did not elaborate on these disadvantages.
Wall Street has previously mentioned that OPEC’s latest monthly report pointed out that the global oil supply will remain stable until 2019, but global crude oil demand growth may slow down.
OPEC pointed out that the trade situation is tense, the central bank tightening monetary policy and the financial problems of some emerging market countries “have challenged the current global economic growth trend.” “Monitoring the uncertainty of monetary and financial markets is crucial.”
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