On the first trading day of August, international oil prices plummeted. The main contract of WTI crude oil futures fell by more than 6% during the session, and the main contract of Brent crude oil futures fell by more than 4% during the session, once falling below the integer mark of US$100/barrel. As of the close of the day, the main contract of WTI crude oil futures closed at US$93.89/barrel, a decrease of 4.80%; the main contract of Brent crude oil futures closed at US$100.03/barrel, a decrease of 3.79%.
According to foreign media reports, under pressure from the international community to curb rising oil prices, Saudi Arabia’s crude oil exports surged to the highest level since April 2020. Tanker tracking data collected by the agency show that Saudi Arabia’s maritime transport volume reached about 7.5 million barrels per day last month, and the revised figure for June was 6.6 million barrels per day. Saudi officials have not yet commented.
Libya’s oil minister said the country’s oil production has returned to 1.2 million barrels per day. Last month, the country announced that it would fully resume production activities in all oil-producing areas, and daily production will be restored to 3 million barrels in the near future.
According to CCTV news, the new Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Gass told the outside world on July 31, local time, that there is no competitive relationship between OPEC and Russia, and Russia’s status within the OPEC+ mechanism ” vital”.
Haitham Ghaith said in an exclusive interview published by Kuwait’s “Viewpoint” that day that Russia’s crude oil production is about 10 million barrels per day, accounting for 10% of global production, which means that “of the 10 barrels of oil produced per day, “One barrel of oil comes from Russia”, so Russia is a very influential player in the global energy map. And this role is not only reflected in the oil field, but also in the natural gas, coal and other mineral fields.
Haitham Ghaith further emphasized that there is no competitive relationship between OPEC and Russia, and Russia is “vital” to reaching an agreement within the OPEC+ mechanism.
Haitham Ghaith also said that his first priority after taking office as OPEC Secretary-General is to strengthen constructive dialogue between the organization and non-OPEC oil-producing and consuming countries, and resolve differences among all parties to maintain the stability of the global oil market.
Haitham Gass will officially assume the post of OPEC Secretary-General on August 1 and will chair the OPEC+ ministerial meeting for the first time on August 3. This meeting will determine the oil production of various countries within the mechanism in September.
</p
