One bad news for oil bulls: OPEC+ "no more".
OPEC's control over the oil market is increasingly weakening, and if no action is taken, the organization's control may completely disappear.
Afternoon crude oil analysis: Brent crude oil futures prices have increased slightly, and the oil field in Kazakhstan remains shut down...
Kazakhstan's Deputy Minister of Energy, Alibek Zhamauov, stated on December 2nd that due to maintenance reasons, Kazakhstan's Tengiz oil field with a production capacity of 0.6 million barrels per day is still partially shut down.
Oil Prices Hold Steady Ahead Of OPEC+ Meeting
OPEC's crude oil production capacity has expanded for two consecutive months, and the rhetoric of "overcapacity" is sweeping the oil market.
In November, the daily production increased by 0.12 million barrels; under pressure from allies, Iraq has been reducing production for three consecutive months.
International oil prices are fluctuating within a range, and the retail price limit of refined oil may face being stranded.
Gelonghui, December 3 | According to Zhuochuang news, during this period, the domestic reference crude oil product change rate showed a gradual downward trend after turning from negative to positive.
OPEC's Power Is Waning. That's Bad for Oil Bulls. -- Barrons.com