This round of oil price adjustment reference Crude oil price has changed for ten trading days. As of today, the corresponding statistics are only the last working day left. However, since the price adjustment amount in the first 9 statistical windows fell more and rose less, and the overall decline is relatively deep (-420 yuan/ton), oil prices will usher in two consecutive declines tomorrow night. At the same time, after the oil price is lowered, No. 92 gasoline will be close to 7 yuan again, which will reach the lowest level since March this year.
In the 9 statistical windows before this, the price adjustment amount fell by 420 yuan/ton. Based on the current decline alone, the 92 and 95 gasoline will be lowered by 0.34 and 0.36 yuan per liter. What's more, the international oil price closed down by about 1.5% again in the early morning of Saturday. The price adjustment amount may further expand and fall. At present, the average selling price of No. 92 gasoline in China is 8.39 yuan/liter, the price of No. 95 gasoline is 8.95 yuan/liter. On March 3, the average price of No. 92 gasoline in China exceeded 8 for the first time, at 8.09 yuan/liter, and the 95 gasoline in China is 8.65 yuan/liter.
After EU agreed to set a price cap of $60 per barrel for Russian crude oil, international oil prices ended on Friday, and G7 finalized its plan for Russian oil price cap, which would prevent some companies from providing shipping, insurance and related services to Russian oil unless the oil is sold at a price below the cap price.
Russian oil's price cap of $60 per barrel is not good for oil prices, because the current trading price of Russian Ural crude oil is US$50 per barrel. Therefore, when the price of Russian crude oil purchased from the EU and G7 will only allow those who purchase it to obtain shipping, insurance and other related services when it is below US$60 per barrel, and will keep Russian crude oil flowing in the global market, but the current price cap obviously will not have an impact on Russian oil exports.
The latest report shows that Russia's crude oil production in October was 9.85 million barrels per day, which is lower than the pre-conflict level, with Russia's daily production in February at 10.11 million barrels.
The biggest drop in Russian crude oil production since this year came in April, when it dropped to 9.14 million barrels per day, and so far, OPEC+ leaders have stressed that Russia is kept within the scope of the organization, but the gap in Russian oil flows could affect changes in the organization.
However, OPEC+ will hold a meeting today. Although the general consensus in the market is that the group will keep production unchanged, the market is still cautious about production cuts, because at the beginning of this week, several representatives said that if oil prices continue to fall, the group may cut production.
On October 5, OPEC+ agreed to cut total output by 2 million barrels per day in November and December, higher than expected 1 million barrels per day. Saudi Arabia Energy Minister said that starting from November, the impact of crude oil production cuts on actual output may be around 1 million to 1.1 million barrels per day, as some member countries' production has been far below their quota. OPEC crude oil production fell by 1.05 million barrels per day in November to a five-month low of 28.79 million barrels per day, which supports oil prices.
Today, December 4th, gasoline retail price
