Observers point out that the main oil-producing countries decided to continue production, its strong "valuation" intentions. Arrive at the west sea oil exports to Russia set price caps, the main oil-producing countries hold wait-and-see attitude, will continue to evaluate the western influence on Russia's oil price and the market demand change.

 

4 major oil-producing nations held a meeting and said in a statement, in early October the production plan of "pure" for the sake of the market, "then stable is considered by market participants as necessary for the global oil market and the right thing". Statement also stressed that oil producers are ready to hold the meeting, additional measures "necessary in support of the crude oil market balance and stable".

 

Because of fears that the world economic slowdown drag on demand, the main New York crude oil futures contract price of more than $120 a barrel in June fell to around $80 a barrel. London brent crude oil futures prices also show similar trends.

 

In September this year, the main oil-producing countries after more than a year after the first announced cut monthly production, production of monthly average daily cut in October 100000 barrels; Since November, announced in early October, will be the basis of the production in August monthly average daily production cut of 2 million barrels a day.

 

From the point of international oil prices, oil producers slashed production effect is not obvious. International oil prices continue to shock downward since November. Opec's November in its monthly oil market report, explains common high inflation, central Banks to tighten monetary policy, many economies high debt levels, the Labour market is tightening and supply chain limited, increased the uncertainty of the world economy, and geopolitical uncertainty and weak economic activity dampened demand.

 

British oil network analyst Julie Anna geiger points out, because some oil actual yield was lower than their production quotas, is expected to actual reductions of about half of the production scale, in the name of the boost in oil natural co., LTD.

 

At present, the main oil-producing countries is sensitive to the market demand. Kuwait oil company chief executive Xie Hena wagh al-sabah argues that oil demand next year or the same, or lower.

 

Analysts pointed out that the current international market is facing huge geopolitical risks, and negative and positive factors interweave, major producers hope "low key", is still in wait-and-see, evaluate the market demand changes.

 

Oil producers the meeting comes as the European Union and g7 decided to cap the Russian oil exports. After Russia warned that will not be to implement price for Russian oil supply of national oil and oil products, it may cause market to Russia intense production lead to the concerns of the market supplies, fuel oil's bullish sentiment.