Since May this year, Saudi Arabia and Russia have begun additional production cuts to support the oil market. Therefore, the actual crude oil production performance of these two countries has received widespread attention from the market. Judging from the latest production data, the crude oil production and exports of these two major oil-producing countries How is the volume performance?
Data source: OPEC
OPEC crude oil production in July was 27.31 million barrels per day, a month-on-month decrease of 3.12% and a year-on-year decrease of 5.50%, falling to the lowest level since September 2021. The significant decline in production shows that major oil-producing countries, led by Saudi Arabia, are fulfilling their previous commitments to reduce production.
Data source: OPEC
Judging from the month-on-month changes in the output of OPEC’s major oil-producing countries, Saudi Arabia has made the largest contribution. Saudi Arabia, which used to have an output level of 10 million barrels every year, has reduced its output to 9.977 million barrels per day starting in May, while crude oil in July The most significant decline in production was 9.021 million barrels per day, a month-on-month decrease of 977,000 barrels per day, basically completing the previous commitment to reduce production by an additional 1 million barrels per day, giving solid support to oil prices.
Data source: Compiled by Kpler and Longzhong Information
Judging from Russia’s crude oil exports, seaborne crude oil exports in July were 3.22 million barrels per day, a month-on-month decrease of 470,000 barrels per day. Since May, seaborne crude oil exports have dropped by 800,000 barrels per day, reaching a low of this year. Since March, when production was cut by 500,000 barrels per day, Russia’s seaborne exports of crude oil and refined oil products have dropped by a cumulative 1.35 million barrels per day. As of August 17, Russia’s seaborne crude oil exports were 2.441 million barrels per day, down 779,000 barrels per day from July. Russia will still reduce exports by 300,000 barrels per day from September, which continues to provide positive support for the oil market. .
Overall, the current crude oil market is supported by reduced crude oil supply from Saudi Arabia and Russia and optimistic expectations for demand. In addition, there is a high probability that the Federal Reserve will keep the current interest rates unchanged in September, traders’ risk aversion has eased, and the negative impact of the macroeconomics on the oil market has eased. International crude oil prices may fluctuate within the current high range.