By 21:45 Beijing time, international crude oil prices continued to rise rapidly. Currently, the WTI crude oil price has increased by more than 6%, and the Brent crude oil price has risen by 5.4%.

The United States had been looking forward to a decline in oil prices, which had somewhat eased domestic inflation, but now the prices have suddenly surged again.

During today's Asian trading session, international crude oil prices opened high and continued to rise, with the increase reaching 2.7% at that time.

After the European market opened in the afternoon, crude oil prices rose quickly, with the increase reaching 4.5%.

In the evening, as the US trading session began, the WTI crude oil price further increased, breaking through 6%.

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This also led to a collective high opening of individual stocks in the oil and gas sector after the US stock market opened, with Occidental Petroleum rising by 3.6% and Marathon Oil increasing by nearly 6%.

Last Friday, the last trading day of September, the WTI crude oil price fell by 1.8%, closing at $79.74, below $80. At that time, no one could foresee any unusual movements in oil prices.

However, the market subsequently received confirmation that on October 5th, an offline meeting will be held in Vienna, where OPEC and non-OPEC oil-producing countries will discuss reducing future oil production by 1 million barrels per day.

This blockbuster news has ignited the market and is also a ruthless slap in the face for US President Biden. Two months ago, Biden personally visited the Middle East, only to receive "help" in increasing production by 100,000 barrels, but now it has turned into a reduction of 1 million barrels?Since the conflict in Europe began in February of this year, Russia's oil exports have been greatly affected, and the global oil supply has been in short supply. This has also led to record high oil prices this year, with the entire first half of the year operating within a range of $100 to $120 per barrel.

However, due to the continuous interest rate hikes by Europe and the United States in the second half of the year, which could lead to a global economic recession, the demand for industrial crude oil has decreased, allowing the international crude oil prices to slowly decline.

Nevertheless, oil-producing countries accustomed to high oil prices and profits are naturally unwilling to accept a decline in oil prices, so several countries have previously mentioned reducing crude oil production.

In two months, the European Union's ban on seaborne imports of Russian oil will come into full effect, further reducing Russia's oil exports. Therefore, the market currently expects a shortage of crude oil supply, leading to a rapid increase in oil prices.

However, it's not entirely the fault of oil-producing countries; it also has something to do with the United States.

Two months ago, there was supposed to be a positive factor: if the Iranian nuclear agreement could be signed and sanctions against Iran gradually lifted, Iran would be able to supply a large amount of crude oil to the international market.

It is said that since March of this year, Iran has been preparing for this, successively stockpiling more than 100 million barrels of crude oil.

However, due to the United States' lack of enthusiasm for this, the negotiations between the two sides failed to make progress. This potential opportunity to increase the supply of oil has also disappeared.However, it is currently difficult to determine whether crude oil prices will rise as a result and gradually increase, after all, the short-term rise in oil prices is influenced by the news of OPEC's production cut, which may be offset by reduced demand in the medium to long term.

After the United States entered a technical recession, the United Kingdom is also about to enter a recession. The next economy, possibly the Eurozone, will also enter a recession.

Under these circumstances, OPEC's production cut is just an early reaction to the future economic environment.

On the other hand, the US dollar will continue to strengthen, which will also suppress crude oil prices.

Therefore, overall, crude oil prices in the fourth quarter may experience significant fluctuations above and below the current level.