In accordance with the domestic refined oil price adjustment rules, a new round of refined oil retail price adjustment window will be opened again at 24:00 on October 22. According to the new round of oil price statistics, this round of oil price increases may be a foregone conclusion.

    Since entering October, oil exporting countries have continued to make efforts to continuously boost oil prices. Due to the suppression of the global epidemic, the rate of increase has always been limited. The first round of domestic oil product price adjustments in October ended in stranded. Since the opening of the second round of domestic oil products window in October, the oil change rate has been firm. The data shows that as of the eighth working day in China, the comprehensive crude oil product change rate was 2.21%, and the oil price forecast was raised by 90 yuan/ton. The price is about 0.07 yuan converted into a liter. If the increase is implemented, then the oil price will be raised for the fourth time this year.

    At the OPEC+Oil-Producing Ministerial Supervisory Committee meeting, Russia and Saudi Arabia expressed their readiness to cooperate to support the stability of the energy market. These statements and the review of the production reduction agreement are scheduled for November 30 to December. Before the OPEC+ summit on the 1st, according to the original plan, OPEC+ will reduce the scale of production cuts by 2 million barrels per day. Within days, the Russian Kremlin said: “Russian President Putin and the Saudi Crown Prince talked over the weekend to discuss the OPEC+ agreement and emphasized the readiness to cooperate to support the stability of the energy market.”

    As of the close of the day, the price of light crude oil futures for November delivery on the New York Mercantile Exchange fell by US$0.05 to close at US$40.83 per barrel, a decrease of 0.12%; the price of London Brent crude oil futures for December delivery fell by US$0.31. It closed at 42.62 US dollars per barrel, a decrease of 0.72%. (Source: Crude Oil Products International Oil Price; Compilation/Auto Home Zhang Xuelian)