2023-08-04 00:34:00
Daily fluctuations in international oil prices, including Middle East Dubai oil
[투데이에너지 조대인 기자] On the 3rd, international oil prices rose due to Saudi Arabia’s announcement of an extension of voluntary production cuts and hints of the possibility of further expansion, Russia’s continued decline in crude oil exports, China’s announcement of economic stimulus measures, and the depreciation of the US dollar.
Korea National Oil Corporation (CEO Kim Dong-seop) announced that West Texas crude oil WTI rose 2.06 dollars to 81.55 dollars per barrel, and North Sea Brent oil rose 1.94 dollars to 85.14 dollars, respectively.
On the other hand, Middle Eastern Dubai oil, which is applied as domestic oil prices, closed at $83.97, down $2.32 per barrel from the previous day.
The Saudi Energy Ministry announced that it would extend its voluntary production cuts of 1 million barrels between July and August until September.
The voluntary extension of production cuts is a precautionary measure by OPEC+ to stabilize and balance the oil market, and can extend the deadline or increase the cuts if necessary, the Saudi Energy Ministry said.
Currently, Saudi crude oil production is at 9 million barrels, the lowest level in two years, and oil prices are under pressure to rise due to supply constraints following OPEC+ production cuts.
Russia’s Deputy Prime Minister Novak announced that he would reduce exports by 300,000 barrels in September, following the previously announced reduction of crude oil exports by 500,000 barrels in August to maintain market balance.
The current OPEC+ production policy will be reviewed at the OPEC+ Ministerial Oversight Committee (JMMC) scheduled to be held on August 4, but market experts predicted that the existing policy will be maintained.
The People’s Bank of China announced that it would expand financial support (improving corporate financing conditions such as bonds) to stimulate the private economy, and the Chinese Ministry of Finance also reduced value-added tax (VAT) for small and medium-sized self-employed people and extended tax support policies. Indicated a willingness to support.
The Dollar Index, which measures the value of the US dollar once morest six major currencies, recorded 102.468, down 0.12% from the previous day.
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