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Towards the end of crude oil futures trading on Wednesday, USET, Russia's Deputy energy minister, Sorokin, said Russia is expected to achieve OPEC + production reduction targets by April. Since then, international oil prices have risen in the short run.
Earlier on Wednesday, U.S. officials released record crude oil production data, and international oil prices fell all the way, almost falling again after two consecutive days of decline.
On Wednesday, the U.S. Energy Information Agency (EIA) released a weekly report showing that crude oil output in the week of January 11 increased by about 200,000 barrels a day from the previous week, reaching a record high of 11.9 million barrels a day; gasoline and refined oil stocks rose for the third consecutive week, and gasoline stocks in the Gulf of Mexico reached an all-time high.
After the data were released, international oil prices fell rapidly, with WTI oil prices falling by 1.5% and distribution oil prices falling by nearly 1% in a day.
Carsten Fritsch, senior commodity analyst at Commerce Bank of Germany, commented that the growth in U.S. crude oil output may mean that Saudi Arabia and Russia-led OPEC + need to prolong production cuts or even further reduce production.
On the previous day and Tuesday, the international oil price ended two consecutive days of decline, with U.S. oil rising by more than 3%, and oil distribution rose by 2.8%, reaching $60, breaking through the two crossings of $51 and $52.
Following Wall Street news, the article mentioned that mainstream foreign media on Tuesday cited good news from China or expanding the scale of fiscal stimulus as helping to consolidate global oil demand growth. However, analysts believe that oil price increases in the first half of this year are not very sustained, because OPEC's crude oil demand expectations continue to be lower than the output planned by the organization.
In addition, in addition to increasing supply in the United States, market concerns about the global economic outlook are also putting pressure on the oil market.
The Wall Street article mentioned at the end of last month that the crude oil slump at the end of 2018 was affected by the closure of the U.S. government, higher interest rates, international trade disputes and worries about global economic growth. Most Wall Street agencies expect crude oil to rebound in the first half of this year, with an average annual distribution price of $68-73 per barrel and $59-66 per barrel for U.S. oil. But they warned that oil prices could rise and fall more than expected, with risks including macroeconomic factors such as China's trade and underestimating the threat of Asian refining.