SunSirs--China Commodity Data Group

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SunSirs: Energy, Refined Oil Price will be Greatly Reduced at PM24:00, March 17

March 16 2020 10:48:35     SunSirs (Selena)

Saudi Arabia and Russia held a joint production reduction meeting to encounter the black swan incident. Saudi Arabia announced on March 7 that it would sharply reduce the official oil price and increase production since April. Russia and other countries had followed up. Crude oil supply was expected to increase significantly, and the international crude oil market had plunged. As of March 16, WTI crude oil price was 42.49% lower than that of March 2; Brent crude oil price was 43.23% lower than that of March 2. The change rate of crude oil in the three places monitored by the business agency was -20.44%, and the international oil price was below $40/ barrel. The "floor price" mechanism or trigger of domestic refined oil (gasoline and diesel) price was triggered. At 24:00 on March 17, the price adjustment of refined oil touched the bottom price again.

 

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