Saudi Arabia's oil production fell sharply in Dece
2022-10-23- Detail
According to media reports, Saudi Arabia, the world's largest oil exporter, stated that the braking capacity of semi-metallic materials was worse. The problem of stone prices and standards in December in Arabia urgently needed to be solved. Oil production fell by nearly 5%, the largest reduction in nearly three years
the market reaction aroused by this news is: on Thursday, the price of Brent crude oil, the European benchmark, rose to a high since October; U.S. benchmark is necessary for users of ring expander testing machine to detect and identify the strength of pipe body. The price of WTI crude oil, the experimental equipment, rose to a high of nearly four months
an industry source said on Thursday that Saudi Arabia cut its daily crude oil production to 9.025 million barrels in December, down from 9.49 million barrels in November
this marked that Saudi Arabia's oil production reduction in December was the largest since January 2009, when the global recession led to the collapse of oil demand
the reason for this production reduction is mainly due to the reduction in demand in Asia. The source said that the production reduction did not represent a change in Saudi Arabia's oil position, but because of the reduced demand of Saudi customers, especially Asian customers
in recent years, due to the economic downturn in Europe and the United States, Asian demand has become particularly important to the oil market
analysts pointed out that the sharp reduction in Saudi Arabia's production is actually expected, because global demand is still sluggish, and oil production is increasing all over the world, especially in North America and Iraq, which reduces the oil demand for Saudi Arabia
paulstevens of Chatham House, a think tank in London, said: "all these data, as well as most analysts, indicate that there will be a huge oversupply in the market. OPEC is under pressure to reduce production, and I suspect that Saudi Arabia has quietly reduced production in order to reduce oversupply."
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