Russian energy minister Novak said that the current stable market is the most appropriate and most effective way is a period of 6 months or so rather than cut production. While the Russian domestic oil giants have said they are increasing and will continue to increase production.
Kuwaiti Deputy Prime Minister and Deputy Secretary of State Oil Anas attended the oil and gas exhibition held by Kuwaiti oil companies and told reporters that the next 15 months, the reasonable price of international oil prices should be 50-60 dollars per barrel. He believes that the recent results of the major oil-producing countries in Algeria have had a positive impact on oil prices. He said that investment in the oil industry in 2015 fell by 25% in 2015, 2016 and 2017 will continue to decline. That the decline in investment is conducive to reducing the negative impact of oil oversupply, and then push up oil prices, better balance the interests of oil producers and consumers.
Fundamentals positive factors:
1.OPEC member countries have reached a freeze-down agreement in Algiers to limit the supply of crude oil for the first time in eight years. OPEC agreed to limit oil production to 3250-3300 million barrels per day. One source said that once the organization reached its goal, OPEC will seek support from non OPEC oil producers. In addition, OPEC will agree on the specific level of production of Member States at the next formal meeting in November.
2.China 's domestic crude oil production fell to 15.98 million tons in September, or 389 million barrels per day, the daily calculation is close to six years the lowest, reflecting the decline in oil field spending and the closure of old oil wells, the National Bureau of Statistics of China (Wednesday) The effect is being fermented. At the same time in September China's crude oil production fell 9.8% over the same period last year, a record second largest year-on-year decline. China is the world's top five oil-producing countries, China's crude oil production fell, the Chinese oil companies continue to work to improve efficiency, or become the latest signs to help the global oil market to restore balance.