China, Singapore and China clients on March 11th According to Reuters's Chinese website on the 11th, when Saudi Arabia and OPEC, the largest oil producer, started a "petroleum price war" with Russia, other OPEC oil producers rang. Alerted to the plunge in oil prices. As most OPEC countries rely heavily on oil revenue, the plunge in oil prices has stretched national finances .

On Friday (6th), the two-day OPEC + meeting output reduction negotiations broke down, and Russia's cooperation with OPEC to reduce production from 2017 will exit the historical stage in March 2020.

After the talks broke down, Saudi Arabia plans to increase oil production next month and said it would significantly reduce official oil prices. According to Reuters reports on the 11th, Saudi Arabia said that crude oil supplies to domestic and foreign customers in April will increase to a record high of 12.3 million barrels per day, which is about 2.6 million barrels per day higher than the current level. Russia also said it would increase production.

OPEC's second largest oil producer, Iraq, said that the flooding of the oil market is not in the best interests of the oil producers, and that a price war in order to gain a larger market share is not good for the oil producers. "The oil ministry is in contact with members inside and outside OPEC to discuss how to prevent further declines in oil prices," Iraqi Oil Minister Gaban said in a statement.

According to reports, as most OPEC countries rely heavily on oil revenue, the plunge in oil prices has stretched national finances. Calculated on Monday's low of about 31 US dollars per barrel, it is estimated that OPEC oil producing countries have reduced their daily revenue by about 500 million US dollars .

Nigerian Finance Minister Zainab Ahmed said he would have to limit state spending. "Budget revenue will decrease, which means that the budget will be reduced."

Algeria, who holds the rotating presidency of OPEC this year, believes that after consultations with other oil-producing countries, "the decision to balance the market" needs to be made quickly.

International oil prices recovered part of their losses on Tuesday, in part due to Russian Energy Minister Novak said that Russia has not ruled out the possibility of joint operations with OPEC to stabilize the oil market. However, the current oil price of about $ 37 per barrel is still down 25% from the level before the consultations last Friday, and has fallen by more than 40% since January.

Fitch's Middle East and Africa sovereign analyst Jan Friederich told Reuters that countries such as Saudi Arabia, Iraq, Oman, Nigeria and Angola have become the focus of attention as oil prices may remain low for some time. (Zhongxin Jingwei APP)