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The hottest prospect is whether the production fre

2022-10-01

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Looking ahead to the Doha meeting of Nissan oil producing countries on April 17: can the production freeze agreement be reached?

recently, many parties revealed that at least 15 countries will meet in April to negotiate on freezing production and stabilizing oil prices. Qatar's oil minister confirmed the news on Wednesday. OPEC and non OPEC members will hold a production freeze discussion in Doha on April 17. About 15 oil producing countries will support this decision, accounting for 73% of the world's crude oil production

however, before the meeting, it was not clear which of the 13 OPEC countries would join and which non OPEC countries would join the discussion. At the same time, there was no obvious indication whether Iran and Iraq, the major oil producing countries, would agree to limit production

Bloomberg interviewed a number of analysts looking forward to the Doha oil production freeze meeting on April 17. If the meeting can be reached, analysts' expectations for the effectiveness of the meeting are not consistent

David Fyfe, head of analysis at gunvor group, said:

oil producing countries have successfully persuaded the market that oil supply management is no longer a taboo topic, and the oil price has also remained above $30 recently, but there is still a long way to go before a practical agreement. Opponents of the Doha agreement require all major oil producing countries to join, including Iran and Iraq, but there is no sign that they voluntarily join the production restriction. Therefore, I suspect that the large-scale meeting may be postponed until the increased regular sales level in Iran can be confirmed. Oil producing countries are not interested in an inconclusive meeting, which may even reverse the recent rise in oil prices

Hans van Cleef, senior energy economist at ABN AMRO, said that ABN AMRO has made China a step further in the research of medical high molecular nanocomposites

the willingness of oil producing countries to join the production restriction agreement is a positive signal. If the world's major crude oil production remains unchanged and the global crude oil demand increases at the rate of 1.5 million barrels per day, the problem of oversupply may be solved within the year. And boosting oil prices does not need to wait until the oversupply is completely solved, and the materials actually used may be more than these decisions. As long as hedge funds continue to reduce short positions, they will support oil prices. I don't expect a reduction in production

according to Christopher louney, commodity strategist at Royal Bank of Canada

several oil producing countries have announced their intention to freeze production, so the April meeting may promote the achievement of collective action in the future, such as the OPEC meeting in June. The balanced budget price of OPEC countries is $98.83/barrel. In order not to downgrade, their demand for cash and high oil prices will only increase, which will make OPEC likely to take more actions this year

On Monday, Iraqi finance minister Hoshiyar Zebari said that Iraq was inclined to accept a global agreement to freeze oil production to boost oil prices. He said: "I think the proposal of freezing production will be accepted by all members, even Iraq. At present, everyone is wondering whether the oil load measurement accuracy meets or exceeds the standards of astm4 and iso7500/1. The load sensor should also consider: the cylinder body adopts glass fiber reinforced thermosetting material, accuracy, repeatability, offset loading fault, nonlinearity, stability compensation range, temperature zero drift and sensitivity. The load sensor is self-contained Dynamic identification, calibration and zeroing greatly speed up the experimental process and ensure the consistency and accuracy of the data In addition, the decline was deeply affected. "

Iran, which has just been lifted sanctions and returned to the international crude oil market, is obviously eager to restore its production to the level before sanctions

according to the Iranian news agency ISNA, on March 13, when Russian energy minister Novak visited Iran last week, Iranian oil minister Bijan Zanganeh said that Iran would not participate in the negotiations on the production freeze until its crude oil production reached 4million barrels per day

today, the Iranian news agency Tasnim quoted Iranian President Hassan Rouhani as saying that the sales of crude oil and natural gas condensate in Iran will reach 2million barrels per day in the next few days

Reuters quoted an OPEC representative as saying that if Iran is not included in the agreement, it will not boost the market unless global crude oil demand reaches a high level and crude oil production in January has been at a high level

OPEC representatives have previously said that there may be further actions at the end of this year, including production reduction, but it will depend on Russia's commitment to limit production and how much Iran will increase production to the crude oil market

oil prices stabilized today. The news that oil producing countries will meet in April has greatly boosted oil prices. Today, the latest data from the US EIA showed that the growth rate of crude oil inventories narrowed last week, which was less than expected. Gasoline and refined oil inventories continued to decline, which also led to a rise in oil prices

the Federal Reserve held the FOMC meeting in March today, at which the interest rate remained unchanged. The interest rate scatter chart after the meeting showed that the median forecast of the Federal Reserve was to raise interest rates twice this year, down from the four interest rate increases in December last year