[YesAuto News] A few days ago, the National Development and Reform Commission announced that a new round of refined oil price adjustment window will open at 24:00 today (January 14). Since the adjustment of domestic refined oil prices on December 30, 2019, oil prices in the international market have fluctuated slightly. According to the current domestic refined oil price mechanism, the average price of the first 10 working days on January 14, 2020 will be the same as that before December 30, 2019. Compared with the average price of 10 working days, the price adjustment amount is less than 50 yuan per ton. According to Article 7 of the “Petroleum Price Management Measures”, the price of gasoline and diesel will not be adjusted this time, and the unadjusted amount will be added or offset in the next price adjustment.
During the price adjustment cycle, OPEC and its allies reached a new round of production reduction agreements, and China and the United States reached an agreement on the text of the first phase of the economic and trade agreement. The market is optimistic about the prospects for the improvement of the global economy and crude oil demand. Affected by this, oil prices continue to rise. In addition, the sharp drop in US crude oil inventories also supported oil prices. Data from the US Energy Information Administration show that as of December 20, US crude oil inventories fell sharply by 5.474 million barrels from the previous week. In this price adjustment cycle, the average prices of London Brent and New York WTI crude oil were US$66.66 and US$60.97 per barrel, respectively, up 5.10% and 4.34% from the previous price adjustment cycle; compared with the last price adjustment cycle last year, they increased by 20.30%, respectively. 30.86%.
The Price Monitoring Center of the National Development and Reform Commission predicts that oil-producing countries will increase production cuts, trade frictions will ease, and market optimism about future expectations will continue to support the crude oil market in the short term. However, the Russian Energy Minister recently stated that OPEC and its allies will not be excluded from considering easing production restrictions at their meeting in March next year.
Under the current situation that global crude oil production and demand are basically balanced, news factors will increase the fluctuation of oil prices. Therefore, it is still necessary to pay close attention to the implementation and changes of oil-producing countries' production policies. In 2019, domestic refined oil price adjustments showed a pattern of “15 ups, six downs and four strands”. (Source: CCTV Finance; Compilation/Car Home Li Na)