Latest situation of oil price war and its effect on the forex market

In March this year, Russia and Saudi Arabia failed to reach a consensus on reducing oil production, which triggered an oil price war. As a result, the price of oil was lower than water. More directly, the currency depreciated and stocks fell sharply. People suffered heavy losses. After three months, oil prices rose and has made significant progress.

According to the news on June 9, OPEC+ decided to extend the production cut to July! Saudi Arabia raised oil the most in 20 years. OPEC resumed negotiations and ended the largest production restrictions in history, promising to cut nearly 10 million b/d in the market. The low oil price forced oil-producting countries to close their wells and also resulted in a sudden drop of about 2 million barrels in US daily production.

Saudi Arabia raises oil price as the demand for crude oil increases in Asia. Asia is Saudi Aramco's largest regional market, accounting for more than half of Saudi oil sales, while the official price of Arab light crude, the flagship product of Arab exported to Asia, rose by the biggest month-on-month in at least 20 years. Aramco raised the price of Arab light crude to $6.10 a barrel, a 20-cent premium to the benchmark price. London oil price rose to about $43 a barrel after the OPEC agreed to extend historical production limits for another month, promising a compliance to ensure that members did not refuel as they had promised.

This was a victory for Saudi Arabia and Russia, which reached an impasse in a brutal price war two months ago. The two major oil producers have demonstrated their commitment to support the global oil market, and they even coaxed Iraq, Nigeria and other backward countries to meet their production reduction commitments. After the expansion, Saudi Arabia made the biggest increase in the price of crude oil in at least two decades. The worst shock will be exported to Asia in July, and overall, the increase offset almost all the discounts offered by the Kingdom in its brief price war with Russia.

Oil price has doubled since the OPEC cut the global supply glut in April, and the demand for oil has rebounded after some countries loosened restrictions. Nevertheless, international relations have deteriorated, and the resumption of shale supply in the United States as a result of a second wave of infections or rising crude oil prices could hinder a sustained recovery.

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