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Yesterday, OPEC Chairman Karrill said that OPEC members are exchanging views with the international oil market, but will not meet before the next official meeting in September.
In early May, the Kuwaiti oil minister had predicted that OPEC may hold an interim meeting to discuss the increase in oil prices before the September regular meeting. This remark was seen by the market as a sign of OPEC’s active response to oil prices.
The statement made by Khalil yesterday undoubtedly made the market see the original OPEC and consistently adhered to the OPEC that “oil prices have risen unabatedâ€.
The foreign media quoted Kalil as saying: "OPEC will not hold a meeting before September. It has been decided to hold a meeting on September 9. There is no need to meet before this."
Regarding the issue of increased OPEC production that the market is concerned about, Calier said that OPEC member states exchanged their views with each other. OPEC will wait until the September meeting to make a decision and determine if it is necessary to increase production.
On the same day, the Iraqi Ministry of Petroleum Shahereshtani also stated that the global oil supply has already exceeded demand, so even if OPEC increases its output, it will not cause the oil price to fall. He believes that the reason for pushing up oil prices is because speculative funds continue to increase. Therefore, increasing OPEC production will not really change the situation in which speculative funds continue to intervene, nor will it affect oil prices.
OPEC’s attitude undoubtedly shattered the market’s hope that OPEC’s production in the near future would be shattered. OPEC's “spectrum†has reduced the international crude oil market to a short-term pressure.
Yesterday, the crude oil futures contract price on the New York Mercantile Exchange (NYMEX) rose rapidly after the release of the above remarks by Kallier. As of 20:00 Beijing time, the price was reported at US$127.6/barrel, an increase of US$1.31/barrel over the previous trading day. In the previous two hours, the contract price dropped to below $125/barrel.
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OPEC cold against crude oil prices
Faced with a new high international oil price, the Organization of Petroleum Exporting Countries (OPEC) is very calm. The temporary meeting of OPEC, which had been highly hoped for by the market, appears to be only a wishful thinking of the market.