OPEC+ production cut implementation rate increased, Indonesia detained Iranian tankers
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[지앤이타임즈]International oil prices are flat.
However, the increased implementation rate of the US Biden administration’s large-scale economic stimulus measures, OPEC+, and production cutoffs provided an uptrend.
This year, the spot price of Dubai oil peaked at 56.44 dollars per barrel on the 13th, and has since been flat between 55 and 56 dollars.
The price on the 25th also rose 0.21 dollars from the previous day, but ended at 55.41 dollars.
Brent and WTI futures are in a similar trend.
Brent’s recent monthly futures transaction recorded the highest price this year at 56.58 dollars per barrel on the 12th, and has since formed a box range of 54-56 dollars.
The price on the 25th also traded at 55.88, a 0.47 dollar per barrel increase compared to the previous day.
On the same day, the WTI futures price also increased by $0.50 compared to the previous day, closing at $52.77.
Oil prices are flat, but the upside is high.
US President Biden is discussing additional economic stimulus measures worth $1.9 trillion with Democrats and Republicans.
However, the key point is local reports that some Republican lawmakers are presenting an evaluation that it is too early to review additional stimulus measures one month after they passed the $900 billion stimulus package.
OPEC+’s efforts to boost oil prices are also contributing to the rise.
Petro-Logistics’ estimate of OPEC+’s production cuts up to January is known to be 85%, up from 75% in December last year.
In particular, the daily production of the Tengiz oil field in Kazakhstan has decreased from 74,000 tons per day in early January to 27,000 tons as of the 20th.
Indonesia’s announcement on the 24th that it detained Iranian and Panamanian oil tankers on charges of illegal oil trade is also a factor in rising geopolitical tensions.
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