The hottest OPEC representatives extended the prod

OPEC representatives: extending the production reduction agreement is not a problem, but the scale of production reduction is difficult to expand

OPEC representatives: extending the production reduction agreement is not a problem, but the scale of production reduction is difficult to expand

the characteristics of "less peripheral circuits"

may 05, 2017

[China paint information]

representatives of the organization of Petroleum Exporting Countries (OPEC) pointed out on Thursday (May 4) that OPEC and non OPEC oil producing countries are likely to extend the production reduction agreement, But it is unlikely to expand the scale of production reduction

opec and non OPEC oil producing countries have implemented a six-month production reduction action since January 1, with a total planned production reduction of nearly 1.8 million barrels/day. Although the production reduction process is relatively smooth, due to the continuous recovery of U.S. crude oil production, the planned target of international oil price to $60/barrel seems to have 10 serious results, such as blocking the valve hole and scratching the piston appearance

the consumption composition of China's MDI is: 30% for household appliances, 15% for slurry, 12% for building insulation, 9% for vehicles and 34% for others (including adhesives). An OPEC representative said: "the extension of the production reduction agreement has reached a strong consensus between OPEC and non OPEC oil producing countries. But I don't think it will be able to reduce production too much by then."

market analysts pointed out that if the scale of production reduction cannot be expanded, there is still a big doubt whether the extension of the production reduction agreement alone can help the oil market return to equilibrium, because facts have proved that under the premise that the current production reduction action is promoted so smoothly, the oil price still fails to reach the ideal price range, and if the U.S. crude oil production continues to rise, the problem of global oversupply will remain serious

according to the latest data, the current implementation rate of production reduction in OPEC and non OPEC oil producing countries has reached 98% in March, far exceeding the results achieved by the implementation of production reduction actions in 2009