A new round of oil price adjustment has arrived, and tonight's price adjustment cycle | crude oil | price | gasoline and diesel | oil price | production reduction | reduction | shelving
At 24:00 on June 13th, the window for adjusting the price of refined oil products will reopen. According to multiple institutions, domestic gasoline and diesel may experience their third grounding in 2023 due to a reduction of less than 50 yuan/ton.
During this round of price adjustment, concerns on the demand side and the impact of further production cuts by Saudi Arabia have weighed heavily, causing international oil prices to continue to decline, with US oil falling below $70 at one point. Market concerns about the global economic slowdown continue, and the prospect of oil prices hitting new highs from the beginning of the year is slim. Last weekend, Saudi Arabia announced a brief rebound in oil prices after reducing production by another 1 million barrels per day in July. However, market sentiment remains fragile, and there is still significant uncertainty in the outlook for crude oil demand. The commitment to reduce production will only reduce global daily oil production by one-third in July, and will not have a meaningful impact on supply and demand dynamics. Subsequently, crude oil prices will gradually decline.
As of June 12th, which is the 9th working day of the domestic price adjustment cycle, with a reference crude oil change rate of -108%, it is expected that gasoline and diesel will be reduced by 40 yuan/ton, not exceeding the reduction line of 50 yuan/ton, so it is temporarily on hold.
According to a reporter from China Economic Net, domestic refined oil prices have undergone 11 rounds of adjustment, specifically "four increases, five decreases, and two stalls", with a total reduction of 70 yuan/ton for gasoline and diesel, respectively. After this round of price adjustment, it will become a pattern of "four rises, five falls, and three stalls".