This round of price adjustment of domestic refined oil was started on August 23 and 24. The fifth consecutive fall in the retail price of domestic refined oil were realized as scheduled. Since 2022, the price of refined oil has been adjusted 15 times, and there have been 10 times of increase and 5 times of decrease. The change rate of crude oil in this round started negatively, and the retail price of refined oil was reduced again.

After entering the pricing cycle, the international crude oil change rate started negatively. According to the statistics, the crude oil change rate was -4.01%. The domestic retail price of refined oil fell for five consecutive times, including 205 RMB/ ton for gasoline, 200 RMB/ ton for diesel, equivalent to 92 # 0.16 RMB/ L, 95 # 0.17 RMB/ L and 0 # 0.17 RMB/ L. Entering this price adjustment cycle, the international oil price is under pressure. On the one hand, the pessimistic view of the recent economic recession dominates the market, and the economic data is generally weak, which once again causes the market to worry about the global economic recession. In addition, the market is waiting for the negotiation results on the resumption of the Iranian nuclear agreement, and the supply tension is expected to ease, which makes the international oil price under pressure. Previously, the market focus was mainly on the results of the OPEC+ ministerial meeting. Finally, the Joint Ministerial Supervision Committee (JMMC) decided to increase production by 100,000 barrels/ day in September. This increase in production is significantly smaller than the previous 648,000 barrels, which is the smallest increase in the history of the institution. Although the increase in production this time is small, equivalent to about 0.1% of the global oil demand, OPEC+ actually reserves more room for increase in production. Finally, according to the estimation of the International Energy Agency (IEA), within six months after the resumption of the Iran nuclear agreement, Iran is expected to increase the additional capacity of about 1.3 million barrels per day. This is also a reversal of the market's expectation of supply tightening. Saudi Aramco said that it can increase the crude oil production to 12 million barrels per day at any time according to the government's requirements. Multiple negative conditions have suppressed the market mentality, and the international oil price has continued to fall.

The settlement price of the main contract of WTI crude oil futures in the United States was US $90.36/barrel, down US $0.08; The settlement price of the main contract of Brent crude oil futures was US $96.48/barrel, down US $0.24. The market was affected by the new progress of the Iranian nuclear agreement and the fear of future economic recession, and the oil price fell significantly during the session; However, the organization of Petroleum Exporting Countries and its allies (OPEC+) released the warning of possible production reduction, and the oil price ended flat. In terms of the domestic refined oil market, the epidemic situation in some areas is repeated, and the summer vacation is coming to an end, and the demand for gasoline is weak. With the end of the fishing moratorium and the reduction of high-temperature weather across the country, the operating load of large-scale outdoor projects, industrial and mining enterprises and other terminal oil users will be further increased. In addition, the autumn harvest in some northern areas is about to start, and the demand for diesel is expected to be good. In some parts of the country, the limited film has been heard, and the domestic refinery operation has declined. In a comprehensive view, China domestic product oil price is still supported, and the diesel demand is good, and the price may continue to rise.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.