OPEC, the Organization of Petroleum Exporting Countries (OPEC), decided at the Vienna Ministerial Conference concluded on Wednesday to increase the oil output ceiling in the first half of 2012 to 30 million barrels per day. This is the first time the organization has increased its output ceiling in three years. After the decision was made, the international oil price plummeted.
It is reported that this quota applies to all OPEC members, including Iraq and Libya. When OPEC held a ministerial meeting in December 2008, it decided to limit total production to 24.84 million barrels per day. However, this indicator has not been strictly enforced, especially since the outbreak of war in Libya this year has caused oil production in the country to come to a standstill, and all other OPEC member countries are producing at a limit. According to the statistics of the organization, in November 2011, the actual output of the 12 member states of OPEC reached 30.37 million barrels per day. After the quota is raised, it will be basically consistent with the actual daily production of the organization.
The meeting held that the global economy is facing serious difficulties, and the global growth slowdown in 2012 is almost a foregone conclusion. Just the day before, the agency and the International Energy Agency both lowered the global oil demand growth forecast next year.
Affected by this news, the international oil price fell sharply on that day. The New York Mercantile Exchange's January delivery of light crude oil prices closed at $94.95 a barrel, plummeting by 5.18%. January London Brent crude oil prices closed at 104.68 US dollars per barrel, a decrease of 4.40%.
According to the analysis, when the current European debt crisis is lost and the market confidence is weak, OPEC’s decision to increase production will undoubtedly worsen the oil price. There is also analysis that the output ceiling reached by OPEC is only a "loose agreement." For example, a super-producing country like Saudi Arabia is unlikely to cut production in order to reach its defined overall target. Therefore, international oil prices will remain below each year in the first quarter of next year. Barrel $100 level.
It is reported that this quota applies to all OPEC members, including Iraq and Libya. When OPEC held a ministerial meeting in December 2008, it decided to limit total production to 24.84 million barrels per day. However, this indicator has not been strictly enforced, especially since the outbreak of war in Libya this year has caused oil production in the country to come to a standstill, and all other OPEC member countries are producing at a limit. According to the statistics of the organization, in November 2011, the actual output of the 12 member states of OPEC reached 30.37 million barrels per day. After the quota is raised, it will be basically consistent with the actual daily production of the organization.
The meeting held that the global economy is facing serious difficulties, and the global growth slowdown in 2012 is almost a foregone conclusion. Just the day before, the agency and the International Energy Agency both lowered the global oil demand growth forecast next year.
Affected by this news, the international oil price fell sharply on that day. The New York Mercantile Exchange's January delivery of light crude oil prices closed at $94.95 a barrel, plummeting by 5.18%. January London Brent crude oil prices closed at 104.68 US dollars per barrel, a decrease of 4.40%.
According to the analysis, when the current European debt crisis is lost and the market confidence is weak, OPEC’s decision to increase production will undoubtedly worsen the oil price. There is also analysis that the output ceiling reached by OPEC is only a "loose agreement." For example, a super-producing country like Saudi Arabia is unlikely to cut production in order to reach its defined overall target. Therefore, international oil prices will remain below each year in the first quarter of next year. Barrel $100 level.
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