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International oil prices fall below the alarm line! OPEC+ official announcement delays the current production reduction scale for another two months.
①OPEC announced on its official website that the eight countries participating in the "voluntary production reduction measures" have agreed to extend the plan by two months until the end of November 2024; ② Previously, consulting firm Energy Aspects pointed out that the recent weak demand has added to the possibility of OPEC+ delaying production increases.
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Crude oil market "flash crash", all the gains from last year wiped out overnight.
Crude oil futures in the USA, WTI, fell nearly 4.4% on Tuesday, erasing all gains for the year. The prospect of increasing supply, combined with weak crude oil demand, is putting pressure on oil prices.
Oil prices may break through the $70 barrier? The situation in Libya adds more variables, making OPEC+ more motivated to increase production.
The interruption of oil supply in Libya has strengthened the reasons for OPEC+ to gradually increase production, causing oil prices to potentially fall below the $70 mark?