Multiple factors superimpose oil prices down

Oil ministers from Saudi Arabia, Russia, the United Arab Emirates, Yemen, Kuwait and Algeria met in Abu Dhabi on November 11 to discuss further joint production cuts and readjustment of oil production strategies to help restore the balance between supply and demand in the crude oil market, but no agreement has yet been reached.

Multiple factors superimpose oil prices down.

It is understood that the combination of multiple factors led to a decline in oil prices, which is mainly concerned about increasing supply and weakening demand.

Saudi oil minister Khalid Falkh said in his opening speech at the 11 th meeting that the recent trend of oil price decline is really surprising. He believes that the current market concerns about crude oil shortages have shifted to concerns about oversupply, and that the decline in oil prices is due to microeconomic uncertainty and signs of rising crude oil inventories.