According to the crude oil change rate data on the seventh working day of the new round of oil price adjustments (September 29), is currently expected to lower the oil price by 120 yuan/ton , which is calculated as a decrease in oil price by 0.09 yuan/liter. A new round of price adjustment window will be opened at 24:00 on October 10, 2022.
On Friday (September 30), international oil prices maintained a rebound, benefiting from the weakening of the US dollar, making the US dollar-denominated commodity you are cheaper for other currency holders. In addition, new sanctions imposed by the United States on Iran and new production cuts announced by the Organization of Petroleum Exporting Countries and its partners (OPEC+) at the October 5 meeting have boosted oil prices.
Beijing time at 16:41, NYMEX crude oil futures rose 1.28% to US$82.27 per barrel; ICE Brent crude oil futures rose 1.35% to US$88.36 per barrel. "The deteriorating crude oil demand outlook will not allow oil prices to rise until energy traders are convinced that OPEC+ will cut production at the meeting on October 5. But as the dollar weakens at the end of the quarter, there is limited room for crude oil prices to decline." The market seems to have found a bottom, and supply will tighten as
analysts said. However, the key unknown is how much suppressed demand will be in the face of radical hikes in global central banks as global economic growth slows down.
The United States imposed sanctions on companies accused of participating in Iran's petrochemical and oil trade, putting pressure on Tehran as it seeks to resume the 2015 Iran nuclear deal. Washington warned that Tehran will continue to speed up sanctions on Iran's oil and petrochemical products sales as long as Tehran continues to accelerate its nuclear program.
People familiar with the matter revealed that OPEC+ has begun to discuss production cuts before the meeting next week. One of the people familiar with Russia's views on the matter said earlier this week that Russia may recommend a maximum cut of 1 million barrels per day.
OPEC+ agreed to a minor cut of 100,000 barrels per day to boost oil prices. OPEC The largest oil-producing country Saudi Arabia said in August that it is possible to cut production to cope with market volatility. "In August, OPEC+ output was estimated to be about 3.37 million bpd lower than the target output level. Therefore, actual production cuts may be less than any figures published by the organization," said Economics in a report.
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