Oil prices are expected to remain dominant under OPEC+ production cuts

On June 16th, SDIC Anxin Futures stated that oil prices closed up overnight, and returned to a volatile trend after gaining support at the lower edge of the range this week. Data from the Bureau of Statistics released yesterday showed that China’s crude oil processing volume increased significantly in May, and the loads of refineries in major regions of the world were high. The demand data at the micro level was still relatively stable, and the cracking price of gasoline and diesel was also running relatively strong. Looking at the market outlook, with the decline in macro risks, oil prices are still expected to dominate under the framework of OPEC+ production cuts, and attention should be paid to the progress of the Iranian nuclear issue in terms of rhythm.