National Development And Reform Commission: Domestic Oil Price Will Not Be Adjusted In December 16Th.

According to the website of the national development and Reform Commission, the price of domestic refined oil will not be adjusted in December 16th.

According to the price monitoring center of the national development and Reform Commission (NDRC), during the current round of oil price adjustment cycle (from December 2nd to December 13th), the international oil price concussion was running. On average, the WTI oil price in London Brent and New York rose by 1.15% over the previous round of price adjustment cycles. According to the current domestic oil price mechanism, the average price of the first 10 working days in December 16th is less than 50 yuan per ton compared with the average price of the first 10 working days in December 2nd. The price of gasoline and diesel will not be adjusted, and the amount of the unadjusted amount will be accumulated or offset in the next price adjustment.

In the short term, the price of oil will oscillate.

During the price adjustment period, OPEC and its allies reached an agreement that the reduction in output in the first quarter of next year will be increased from 1 million 200 thousand barrels per day to 1 million 700 thousand barrels per day. The new production reduction agreement relieves the market's worries over the over supply of crude oil, and the price of oil will be supported. China and the United States have agreed on the first stage economic and trade agreement, and the British ruling party has won more votes in the general election, which has also boosted oil prices. But the US's continued growth of stocks has brought pressure on oil prices. According to the US Energy Information Department, by the end of December 6th, the US crude oil inventories increased to 448 million barrels, up 1.40% over the same period last year, and the storage of refined oil products increased to 833 million barrels, an increase of 4.40% over the same period last year. Affected by many factors, the average price of WTI crude oil in London Brent and New York was 63.43 US dollars per barrel and 58.44 US dollars respectively, which rose 0.45% and 1.84% respectively compared with the previous price adjustment cycle.

The price monitoring center of the national development and Reform Commission expects that OPEC and its allies will reach a new production reduction agreement, the Sino US agreement on the first stage economic and trade agreement and the decisive outcome of the British general election, to a certain extent, alleviate the uncertainties affecting the world economic growth, and restore market confidence. U.S. Commodity Futures Trading Commission data show that last week, speculative funds in London Brent crude oil, New York WTI crude oil futures and options increased by 10%, 52% respectively. Coupled with the current peak season for oil consumption in the winter heating season, oil prices are likely to fluctuate upward in the short term.

Changes in oil prices during the year: Fourteen up six down four stranded

In 2019, the domestic refined oil price adjustment has shown a pattern of "Fourteen rises, six falls, four aground".