SMM News: Saudi Arabia, the United Arab Emirates, Kuwait and other oil-producing countries announced additional production cuts, today's oil market again exposed blockbuster news: Saudi Arabia, Russia's energy ministers issued a joint statement, firmly committed to restoring the balance of the oil market.
In the joint statement, Russia welcomed voluntary production cuts from Saudi Arabia, the United Arab Emirates and Kuwait. The joint statement of Saudi and Russian energy ministers pointed out that it is believed that OPEC partners will fully comply with our production reduction targets and will abide by the OPEC + agreement. We are pleased to see recent signs of improvement in economic and market indicators, especially the growth in oil demand.
The joint statement noted that concerns about inventory restrictions eased as several countries lifted the blockade. Analyst Justin Low said this was another sign of better relations between the two major oil-producing countries after the breakdown of communication in March. There is no doubt that this is a positive sign.
Iraqi Energy Ministry officials say Iraq has agreed to oil majors operating five large oil fields in the south to cut production by 300000 barrels a day. Iraq will also reduce oil production from other oil fields, resulting in a cumulative reduction of about 700000 barrels per day.
Sources say Iraq has cut June crude oil supply quotas for Total, South Korea's GS Caltex and India's Barat Oil Company. According to the OPEC+ production reduction agreement, Iraq's oil production target for the period from May to June is 1.06 million barrels per day.
HSBC: Brent crude oil is expected to average $25 a barrel in the second quarter, and WTI crude oil to average $15 a barrel in the second quarter, rising to $40 a barrel and $36 a barrel in the fourth quarter, respectively. Until 2023, demand for oil is likely to be lower than it was before the outbreak.
Brent crude oil is expected to average $25 a barrel in the second quarter, while WTI crude oil is expected to average $15 a barrel in the second quarter, rising to $40 a barrel and $36 a barrel in the fourth quarter, respectively. Until 2023, demand for oil is likely to be lower than it was before the outbreak.
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