Shenzhen Haihui Investment Management Co., Ltd.

> Hubei Shengben Bulk Trading Center Hubei Shengben Bulk Trading Center Investment Hotline Contact Hubei Shengben Bulk Trading Center Professional Hubei Shengben Bulk Trading Center Agent Hubei Shengben Bulk Trading Center Personal Agent Hubei Shengben Bulk Trading Center Company Agent Hubei Shengben Bulk Trading Center professional guidance Hubei Shengben Bulk Trading Center free account opening
Member states will further discuss the production freeze agreement at a meeting to be held in Vienna, Austria, on October 1. Today, several
member countries, including Iran, as well as non-member Russia, have expressed their preference for a production limit agreement.
During the session, Brent crude oil briefly hit US dollars per barrel. As of the close, Brent crude oil rose by .USD, or .%, to close at .USD per barrel. U.S. crude oil rose by .USD, or .%, to settle at .USD per barrel, with the highest intraday rise to .USD.
Market research managers said, &The meeting is getting closer and closer, and the risk of reaching an agreement has inspired a lot of short covering
Funds are not so enthusiastic about holding positions before the meeting. &
Goldman Sachs analysts said in a report that the possibility of reaching an agreement to reduce production has increased, and they believe that the global oil glut will turn into a supply shortage
by the middle of next year, which will support prices. Production cuts are expected to be announced and implemented.
In the week ending March 31, hedge funds reduced their net long positions in Brent crude oil, U.S. crude oil futures and options by only 10,000 barrels to . This approach protects against a sell-off in crude oil if an agreement is not reached.
Senior market analysts said, &The outcome of the meeting is never known, sometimes until the last
minute, and there is a lot of wrong information at the beginning,&
Russian President Vladimir Putin said, He sees no obstacle to freezing production from the post-Soviet production high of 10,000 barrels per day. In addition, member states last week recommended that Iran limit production rather than reduce production. Iran aims to regain the market share lost during Western sanctions, so it is unwilling to limit production. Libya and Nigeria, whose exports have been hampered by political unrest, have also sought exemptions.
Oil prices fell on Friday as a stronger dollar outweighed renewed hopes that OPEC might agree to cut output. Brent crude oil futures were last down .%,
to $.USD per barrel. U.S. crude oil futures last traded at $.00 per barrel, down %. A senior market analyst at a brokerage agency said, "Oil prices traded sideways overnight as the strength of the U.S. dollar overshadowed the Saudi Energy Minister's optimism about OPEC reaching an agreement to limit production
. The U.S. dollar index hit a mid-year high as Federal Reserve Chair Janet Yellen said a rate hike could be "relatively soon," indicating an increased likelihood of a monthly rate hike.
According to data released by the China Bureau of Statistics on Wednesday (July 2), China's crude oil production fell further this month and hit the lowest level in more than seven years
As the continued low oil prices suppressed the world's No. The top five oil-producing countries are interested in restarting old oil wells.
China's monthly crude oil production fell due to low oil prices
Specific data shows that as the world's largest energy consumer, China's monthly crude oil production fell by .% month-on-month to 10,000 tons (approximately . > barrels/day), the lowest level in years. On a year-on-year basis, monthly crude oil production of 10,000 tons also fell by more than %. In addition, year-on-year
output fell by .%.
As the global oil price benchmark, Brent crude oil fell by .% on a month-to-month basis, as the market was skeptical about whether the Organization of the Petroleum Exporting Countries (OPEC) could reach an agreement to limit production at the end of the month. Since the beginning of this year, the average price of Brent crude oil has been about US dollars per barrel.
A Shanghai-based commodity research analyst pointed out that China's oil fields need oil prices of US dollars per barrel to break even

He also said, "Currently, there is no incentive for domestic oil fields to further increase production unless oil prices can reach a comfortable level." Furthermore, over the past three months, the vast majority of mature oil blocks have not had the technology or capital to restart their wells. &
China's future crude oil production forecast
It is expected that by this month, China's average monthly crude oil production will be between 10,000 tons.
According to the International Energy Agency (IEA) last week, China's annual crude oil production is expected to drop by 10,000 barrels per day, to below 10,000 barrels per day. At the same time,
China's annual crude oil production is also expected to further decline by 10,000 barrels per day.
China's monthly crude oil processing volume rises
However, China's monthly crude oil processing volume at refineries has increased because major refineries, including Sinopec, ended seasonal maintenance at the end of the month.
Specific data shows that China's monthly crude oil processing capacity of refineries was 10,000 barrels per day, an increase of 1.0% month-on-month and .% year-on-year, to 10,000 tons.