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The analysis of the article believes that the current economic slowdown in the United States is a foregone conclusion, and whether the global economy will be dragged down remains to be seen. OPEC fears that global crude oil demand will fall back, so it tends to cut production. Recently, the United States and the European Union have repeatedly asked OPEC to increase production.
However, due to the fact that international oil prices are still at a high of US$90 per barrel, and this year coincides with the US election year, OPEC does not hope to become the focus of public opinion again because of production cuts. Therefore, the organization is likely to make a decision to maintain production at the February 1 meeting.
But there are also market traders who said that in fact, OPEC members such as Saudi Arabia, UAE, and Angola have privately increased their daily output by 1 million barrels since last fall. In addition, with the completion of the development of the new oilfield project, OPEC will increase its daily production capacity by 1.4 million barrels this year. Therefore, OPEC may decide to reduce production at the March meeting.
OPEC may cut production this spring
According to the US "Wall Street Journal" reported on the 28th, in view of the global economic growth deceleration, the decline in crude oil demand, the Organization of Petroleum Exporting Countries (OPEC) may make a decision to cut production this spring.