OPEC+or maintain the production agreement unchanged throughout the year, and the oil price continues to adjust.

OPEC+or maintain the production agreement unchanged throughout the year, and the oil price continues to adjust.

Crude oil

Supply: The US government plans to sell more strategic reserves of crude oil, which may reach 26 million barrels. US crude oil production remained at 12.3 million barrels per day. The Saudi Minister said that OPEC+may maintain the production agreement throughout the year. Russia announced that it would cut production by 500000 barrels per day in March.

Demand: EIA report shows that the US oil table needs to remain weak. IEA raised its global demand forecast of 200000 barrels per day, optimistic about the pull of China's demand on the world. The recovery of domestic travel demand will benefit the demand for gasoline and aviation coal, and the sustained recovery of the economy in the future may further release the demand.

Inventory: As of February 10, API crude oil inventory increased by 10.51 million barrels, gasoline inventory increased by 846000 barrels, and distillate oil inventory increased by 1.72 million barrels. As of February 10, EIA crude oil inventory increased by 16.28 million barrels, gasoline increased by 2.32 million barrels, and refined oil inventory decreased by 1.28 million barrels.

Viewpoint: The current changes in the supply side of crude oil are mainly the reduction of Russian production and the dumping of US reserves, and the scale of the subsequent reduction of Russian production still needs further observation. At present, the weakness of overseas demand suppresses the oil price, and the recovery of domestic demand is the main driver of demand growth this year. After the resumption of work after the holiday, there is room for further recovery of demand. In the medium term, it still plays a role in driving the oil price, and the oil price may still fluctuate upward.