Foreign media: oil-producing countries agree to freeze production, international oil price rebound
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Foreign media said that oil prices rebounded to above $40 a barrel on the 7th, the first time this year, while iron ore prices have recorded the largest single-day gain since records, and more and more traders bet on The 20-month commodity downturn has passed the worst stage.
According to the British "Financial Times" website reported on March 8, the plunge in oil and other commodity prices has triggered concerns about the overall economic health, some central banks warned that there may be a deflationary spiral, while the growth of emerging markets has slowed significantly.
The report said, but some of the world's largest oil producers agreed to freeze production to help set the price floor, Brent crude rebounded 50% since mid-January.
The international oil price benchmark rose 5.6% on the 7th to 40.96 US dollars per barrel, which is the highest point since mid-December. The increase since mid-January reached 50.4%, but still far below the period from 2010 to 2014. The average level of nearly $100 per barrel.
According to reports, iron ore is one of the major commodities of many miners, rising nearly 20% on the 7th to 62.60 US dollars per ton, which is the biggest one-day gain since the price index was compiled in 2009.
According to reports, in China, the world's largest oil and metal importer, officials have vowed to avoid a hard landing. China is trying to push the economy to shift from relying on manufacturing and infrastructure spending to relying more on services.
Although analysts have warned that oversupply in many commodity markets will continue to put pressure on prices, the near-panic selling in January has faded. “I don’t think we can be too far from the bottom even if we haven’t bottomed out,†said Julian Kettle, head of the metal division at consulting firm Wood Mackenzie. “People’s negative feelings about China are beginning to dissipate.â€
Copper, aluminum and zinc prices have rebounded 10% to 25% since January.
According to reports, Saudi Arabian officials will meet with Russian officials in the coming weeks to see if the world's two major oil exporters can drive other oil-producing countries to freeze production. The government budgets of many oil-producing countries are now squeezed by the collapse of oil prices.
According to regulatory filings, hedge funds have largely moved from a drop in oil prices at the beginning of this year to a further increase in bets. In the face of low oil prices, US oil production has begun to decline, but if prices recover further, companies may maintain production.
According to the Russian satellite news network reported on March 8, Ecuadorian Foreign Minister Guillaume Long said on March 7 that the oil-producing countries in Latin America and the Caribbean will meet in the country on March 11 to form a unity in the face of falling oil prices. position.
Telesur TV quoted Long as saying: "Latin America produces one-third of the world's oil, and it is important that countries such as Venezuela, Ecuador, Argentina, Bolivia, and Colombia need to form a unified position." This meeting will be the regional foreign minister. And the level of energy ministers.
The report said that he said the talks will be held before the possible OPEC and non-OPEC oil producers meeting. Meetings of Russia, OPEC countries and other oil-producing countries will be held between March 20 and April 1, and several options for holding meetings in a city in Russia, Doha, or Vienna are currently under consideration.