(CCTV Finance International Financial Report) As the United States' crude oil production soars and the global economy slows down, in order to prevent over-production of crude oil, Iraq and Nigeria agreed to the Organization of the Petroleum Exporting Countries' requirement to red

(CCTV Finance " International Financial Report ") As the United States' crude oil production soared and the global economy slowed down, in order to prevent over-production of crude oil, on the 12th local time, Iraq and Nigeria agreed to the requirements of the Organization of the Petroleum Exporting Countries to reduce oil production.

Joint ministerial supervision committee composed of the Organization of Petroleum Exporting Countries and its allies held a meeting in Abu Dhabi on the 12th. The meeting decided that before the next ministerial meeting was held in December this year, oil-producing countries will continue to implement the previously reached crude oil production cut agreement. Iraq, the second largest oil producer in the Organization of the Petroleum Exporting Countries, promised to cut crude oil by 175,000 barrels per day by October, while Nigeria also promised to cut production by 57,000 barrels per day. The meeting added that any formal decision on deep production cuts can only be made at the OPEC policy meeting in December.

In addition, the meeting also discussed the rising US shale production and export issues. The monthly report released by the International Energy Agency on 312 showed that thanks to the prosperous shale oil production, the United States caught up and briefly surpassed Saudi in June this year, becoming the world's largest crude oil exporter, with an average daily export volume of more than 3 million barrels. US media reported that the United States has become a net exporter of crude oil, breaking its continued dependence on imported crude oil for nearly 75 years.

market forecasts that the economy will slow down in the future, U.S. crude oil production soars, and crude oil supply will be oversupply again. Affected by this, international oil prices fell. As of the close of the day, the price of light crude oil futures for delivery on on October 19th fell by 1.18%. The price of London Brent crude oil futures for delivery in November fell by 0.71%.

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