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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.
QatarEnergy Inks LNG Supply Deal With Shell for China
Qatar energy and Shell are collaborating to deliver 3 million tons of LNG to china annually.
Qatar Energy signed a long-term LNG cooperation agreement with Shell, supplying 3 million tons of LNG to Shell annually and shipping it directly to China, effective from January 2025; China is currently the largest LNG importing country, while Qatar is the third largest exporting country, having already exported 73 million tons of LNG this year.
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.