At 22:00 on April 9, Beijing time, OPEC + held as scheduled, energy ministers began a closed-door meeting.
Soon after the meeting began,According to OPEC sources, Saudi Arabia and Russia have reached an agreement on deep production cuts.Senior Russian sources also saidRussia and Saudi Arabia have successfully removed the main obstacles to reaching a new production reduction agreementOPEC + and other oil-producing countries will discuss cutting production by up to 20 million barrels a day.And thenSaudi Arabia and Russia are said to have agreed on a framework for a production reduction agreement.
Although these are not the final results, oil prices are still soaring in the news, with US and Brunei oil continuing to rise. Reuters quotes show that WTI crude rose nearly 13 per cent to $28.34 per barrel on the day, while Brent crude rose more than 10 per cent. But it soon narrowed down the increase.
Us Energy Secretary Bruet said an hour before the start of the meeting that he was optimistic that OPEC + could reach an agreement to stabilize the oil market, and that OPEC + oil-producing countries could easily cut production by 10 million barrels per day or more.
Judging from the trend of oil prices and related sectors before the meeting, the market is generally optimistic about reaching a production reduction agreement.
Us oil and gas stocks also rose with oil prices. As of press time, Apache oil rose to 24%, Murphy oil rose more than 15%, western oil rose more than 8%, and Halliburton rose nearly 6%.
According to the information disclosed by OPEC representatives during the meetingSaudi Arabia and Russia agreed to slash production. OPEC + will cut production by 10 million barrels per day for two months. OPEC + will continue to cut production in two months, but the scale of the reduction will be reduced, and the scale and duration of the reduction are still being discussed.
In addition, sources said that OPEC + asked G20 countries to reduce production by up to 5 million barrels per day. OPEC Secretary General Barjindu said, "our industry is bleeding and no one can stop it." "
According to OPEC documents, OPEC expects global crude oil demand to shrink by 6.8 million b / d in 2020 and 12 million b / d in the second quarter of 2020, saying the current outlook "looks extremely bleak".The storage capacity of crude oil will reach its limit in a short time.
Russian Energy Minister Novak said: "We are seeing a decline in global economic activity, with crude oil demand falling by 1000-15 million barrels per day. Timely action is needed and all oil-producing countries should join in the reduction."
(it should be noted thatAt present, the news comes from sources or OPEC representatives, waiting for the oil ministers of various countries to finally declare their position before confirming the specific scale of the production reduction. )