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油价还要继续跌?OPEC+连续第三次大幅增产,同意7月将石油产量提高41.1万桶/日
华尔街见闻·2025-05-31 11:29

Core Viewpoint - OPEC+ has agreed to increase oil production for the third consecutive month, which may lead to further declines in oil prices, with hedge funds aggressively shorting oil ahead of the announcement [1][2]. Group 1: OPEC+ Production Decisions - OPEC+ has decided to raise oil production by 411,000 barrels per day for July, maintaining the same increase as the previous two months [1]. - Some member countries, including Russia, expressed reservations about the production increase during discussions [1]. - The previous increases in production have already pushed oil prices to four-year lows, with prices dropping below $60 per barrel [1]. Group 2: Market Reactions and Hedge Fund Activities - Hedge funds have significantly increased their short positions on Brent crude oil, with net short positions rising by 16,922 contracts to 130,019 contracts, the highest level since October of the previous year [2]. - Data from the U.S. CFTC indicates that WTI crude oil's net short positions have also reached a three-week high [2]. Group 3: Strategic Intentions of OPEC+ - OPEC+ has shifted its strategy from protecting prices to actively lowering them, reflecting Saudi Arabia's dual intentions: punishing overproducing members like Kazakhstan and regaining market share from U.S. shale oil producers [3]. - Kazakhstan has consistently exceeded its OPEC+ production targets, which has caused frustration among other member countries [3]. - To effectively impact U.S. shale producers, OPEC+ aims to push oil prices below $60 per barrel, which is just below the breakeven point for new drilling in the U.S. shale oil sector [4]. Group 4: Economic Implications for Saudi Arabia - The drop in oil prices has led to a significant decline in Saudi Arabia's Tadawul All Share Index, which has fallen by 6.4% since May, marking the longest four-month losing streak since 2014 [5]. - The budget deficit for Saudi Arabia has reached its highest level since the end of 2021 due to the impact of falling oil prices [5].