The outlook for the oil market is shrouded in fog, and Saudi Arabia and Russia are once again joining forces to save oil prices, with worrying results for Russia | Saudi Arabia | oil prices

Release time:Apr 14, 2024 01:36 AM

The latest plan by Saudi Arabia and Russia to jointly boost oil prices has not been effective. In the face of foggy demand, international oil prices fell on Monday, quickly erasing the brief increase after Saudi Arabia announced an extension of production cuts.

On July 3rd, Saudi Arabia's official news agency cited the country's Ministry of Energy as saying that Saudi Arabia has decided to extend its voluntary production reduction plan of 1 million barrels per day, which began in July, by one month. In August, Saudi Arabia's oil production was approximately 9 million barrels per day. According to sources from the Ministry of Energy, this additional voluntary production reduction is aimed at strengthening preventive measures in OPEC+countries, with the aim of supporting the stability and balance of the oil market.

Following closely behind is Saudi Arabia's most important ally within the OPEC+organization. Russian Deputy Prime Minister Alexander Novak has stated that Russia will voluntarily reduce its oil exports by 500000 barrels per day in August to ensure a balanced oil market.

Later that day, the Algerian Ministry of Energy announced that in order to support Saudi Arabia and Russia's efforts to stabilize the oil market, it had decided to reduce an additional 20000 barrels of oil production between August 1st and August 31st.

After Saudi Arabia announced an extension of voluntary production cuts, international oil prices briefly rose, but quickly turned downwards. Because this move is not surprising, facing a lack of market confidence and weak demand, Saudi Arabia has almost no other choice. As of the close on July 3rd, WTI crude oil futures for August delivery fell 1.2% to close at $69.79 per barrel; The Brent crude oil futures for September delivery fell 1.01% to close at $74.65 per barrel. On the morning of the 4th in Asia, two oil companies only rose slightly.

At the beginning of the year, the market was generally betting on an increase in oil prices. But in the first half of the year, Brent oil prices actually declined by 11%. Wall Street giants such as Goldman Sachs, Bank of America, JPMorgan Chase, and Morgan Stanley have abandoned their predictions for crude oil prices to return to triple digits and have recently lowered their outlook for this year's oil prices.

Since last year, oil producing countries have repeatedly attempted to boost oil prices by tightening supply, but the results have been minimal, and the surge in oil prices is just a flash in the pan.

Last October, OPEC+announced a reduction of 2 million barrels per day in production quotas for the next 14 months. International oil prices have been stimulated by this and swept away the declining trend, rising by 10% in just a few days.

In April this year, several oil producing countries including Saudi Arabia, Russia, Iraq, and the United Arab Emirates suddenly announced voluntary production reduction plans, which will continue from May to the end of 2023. The sudden joint production reduction injected a boost into the sluggish oil market caused by the banking crisis. The next day in Asian morning trading, the two major crude oil futures contracts opened up 7%, and Brent crude oil jumped to $85 in one fell swoop.

After the above gains were smoothed out, in early June, Saudi Arabia decided to take another step back, sacrificing more domestic production in July to stabilize the market and shoulder the banner of reducing production alone. But due to economic concerns overshadowing the impact of supply cuts, oil prices remained calm.

Two women were stabbed to death and reported to have committed a crime 4 days before the follow-up visit for schizophrenia. Suspect of a bloody murder case in a Hong Kong shopping mall appeared in court today. Male | Last Friday | Murder case
Two women were stabbed to death and reported to have committed a crime 4 days before the follow-up visit for schizophrenia. Suspect of a bloody murder case in a Hong Kong shopping mall appeared in court today. Male | Last Friday | Murder case

According to Hong Kong's Wen Wei Po, a bloody knife stabbing case occurred at Hollywood Square in Diamond Hill last Friday. The police arrested a 39 year old man on suspicion of stabbing two young women, one of whom was stabbed over 30 times. The suspect appeared in the Kwun Tong Magistrates Court this morning. The police at the Kwun Tong Magistrate's Court temporarily charged the suspect with two counts of murder last Sunday. The suspect appeared in court this morning at the Kwun Tong Magistrate's Court. Acting Chief Magistrate Zheng Jihang, after listening to the opinions of both the prosecution and defense, decided to postpone the hearing for two weeks until 9:30 am on June 19th, waiting for two psychiatric expert reports to be obtained. The defense did not object. Zheng Jihang approved the application, and the defendant needs to be temporarily detained at Xiaolan Mental Hospital. When the suspect appeared in court, he wore black framed glasses, a light gray shirt, and camouflage green shorts, and was able to answer the judge's questions normally. accordingly

Secretary of the Provincial Party Committee: The focus of Henan's "summer harvest" has shifted to agricultural machinery in the northern region of Henan Province. | Support | Science | Organization | Province | Northern Henan | Summer Harvest | Rush Harvest
Secretary of the Provincial Party Committee: The focus of Henan's "summer harvest" has shifted to agricultural machinery in the northern region of Henan Province. | Support | Science | Organization | Province | Northern Henan | Summer Harvest | Rush Harvest

Currently, the highly anticipated summer harvest work in Henan has shifted its focus to the northern region of Henan. According to the Henan Daily client, on June 4th, Lou Yangsheng, Secretary of the Henan Provincial Party Committee, presided over a special video scheduling meeting on the "Three Summers" work in the province, listened to the situation report, analyzed and judged the situation, and arranged and deployed the next steps of work. Governor Wang Kai made specific arrangements. On the evening of May 31, 2023, in Xiafutou Village, Xuliang Town, Boai County, Jiaozuo, Henan Province, villagers braved light rain in the wheat fields to harvest wheat. Visual China Map Lou Yangsheng pointed out that the current summer harvest battle in the province has entered the decisive stage. Doing a good job in summer harvest in northern Henan Province is related to the summer grain yield and seed safety. We should focus on seizing opportunities and make every effort to organize the wheat harvesting work in the northern Henan region, minimize losses, and protect the interests of farmers to the greatest extent possible. Accurate forecasting is essential

Xinhua All Media+| Welcome home! What innovative technologies are protecting the return journey of Shenzhou 15? Spaceship | Shenzhou | Technology
Xinhua All Media+| Welcome home! What innovative technologies are protecting the return journey of Shenzhou 15? Spaceship | Shenzhou | Technology

On June 4th, the return capsule of the Shenzhou-15 manned spacecraft successfully landed at the Dongfeng landing site. Astronauts Fei Junlong, Deng Qingming, and Zhang Lu all safely and smoothly exited the spacecraft, and the Shenzhou-15 manned flight mission was a complete success. What innovative technologies are there to safeguard the return journey of Shenzhou 15 in this mission? On June 4th, the return capsule of the Shenzhou-15 manned spacecraft successfully landed at the Dongfeng landing site. Xinhua News Agency reporter Lian Zhen photographed that "the sky and the ground" ensure the high-precision return of spacecraft. For the Shenzhou series spacecraft, the return and re-entry GNC technology is directly related to the life safety of astronauts. Taking the success of this return mission as a symbol, China has comprehensively upgraded its GNC system since the Shenzhou-12 manned spacecraft, which features autonomous rapid rendezvous and docking, autonomous adaptive prediction and re-entry return guidance, and has completed a comprehensive update and replacement

The Chinese naval fleet has arrived! Assembly | Navy | Chinese Fleet
The Chinese naval fleet has arrived! Assembly | Navy | Chinese Fleet

At noon today, a Chinese naval fleet consisting of Zhanjiang and Xuchang ships arrived at the assembly area of the "Comodo-2023" multinational maritime joint exercise. It is understood that the assembly anchorage for this exercise is 3 nautical miles long and 1.5 nautical miles wide, capable of anchoring up to 50 ships. Naval vessels from various countries participating in the exercise will also arrive at the anchorage today to complete the assembly of the "Komodo 2023" multinational maritime joint exercise, which is held every two years by the Indonesian Navy. This year is already the fourth edition of the exercise. The exercise will be held from June 5th to 8th in the city of Jakarta, South Sulawesi Province, Indonesia, including the port and sea phases. In the coming days, participating navies from various countries will participate in ship reading style search and rescue exercises, maritime interception and damage management exercises, aerial exercises, and other course objectives exercises

New comment: Donkey like "morale" limit pulls US debt "bomb" fuse hard to dismantle US | debt | morale
New comment: Donkey like "morale" limit pulls US debt "bomb" fuse hard to dismantle US | debt | morale

On the evening of June 1st, the US Senate passed a bill on the federal government's debt ceiling and budget, and the flame of the US debt bomb was temporarily extinguished at the last moment. The two parties in the United States have staged an extreme tug of war over the US debt bomb. Some experts believe that the US debt crisis is the result of the reckless politics promoted by the US dollar hegemony, and the underlying cause of this crisis is the highly polarized political system of the US. Since the end of World War II, the US Congress has adjusted the debt ceiling more than a hundred times. The recurring debt crisis will not only have a catastrophic impact on the US economy and people's livelihoods, but also continuously erode the value of US dollar assets such as government credit and US bonds, bringing significant and far-reaching impacts to the global economic landscape. 【