International oil prices fell before the weekend after reaching a high point on Thursday. Although the latest news of the oil spill in the Gulf of Mexico occupies the headlines, the current European financial crisis threatens the fragile global economic recovery as the main factor affecting oil prices. International oil prices fell on Friday, the monthly WTI and Brent crude oil prices closed at 71.51 US dollars / barrel and 72.09 US dollars / barrel. Many other factors weighed on market sentiment last Friday, the most important being the sharp depreciation of the euro. Europe continues to deal with high debt and tries to avoid dragging the global economy into a "double-dip recession." Citi Futures perspective analyst Tim Evans said in a report: "The crude oil market has no obvious spot shortage, so it can not counter the further decline in the stock market." Evans also said that the market under the pretext of oil prices and the S & P 500 The nominal relevance of the index places a focus on the demand side, obviously ignoring the year-on-year increase in supply, which means that whether the stock market is up or down, oil prices may still further decline. Last week, market players carefully considered the impact of Mexico's oil spill. The consulting firm Wood-McKenzie said that with the combined effect of delays in the ban, regulatory tightening, and the potential impact of new practices, production of about 80,000 barrels of oil equivalent per day may be postponed from 2011 to the next few years. Wood-McKenzie said: "We estimate that the total production in the deepwater region in 2011 will be 1.875 million barrels of oil equivalent per day, that is, the delayed production will account for about 4%." Wood-McKenzie said that with drilling safety regulations tightening and The extension of the licensing period has led to a slowdown in activities and lengthened all exploration, evaluation and development phases. By 2015-2016, the postponed oil production may increase by more than three times. Adam Simeinski, an analyst with Deutsche Bank in Washington, predicts even greater reductions in output declines next year. He said: "Wood-McKenzirz estimates that there will be about 80,000 barrels of oil equivalent per day until a few years later. We think that because of the new license and the current deepwater drilling pause, the delayed output may be equivalent to The figure above doubled to 160,000 barrels per day." In addition, Barclays Capital stated in a report: “If the ban can be lifted in the next 6-12 months, we don’t think it will have a significant impact on oil prices.†Credit Suisse warned that if drilling delays 3 In 2015, the global surplus capacity may decrease from the current approximately 6 million barrels per day to as low as 2.4 million barrels per day by 2015. “At the same time, oil prices have risen sharply.†According to the 2010 International Energy Outlook published by the US Energy Information Administration (EIA) on May 25th, driven by China, India and other fast-growing countries, world energy consumption may increase by about 49% in the next 25 years. EIA said that by 2035, hydropower and wind energy will become the fastest growing sources of energy in the world, but coal, oil and other fossil fuels will still meet more than 75% of global demand. Howard Gruenspecht, Deputy Director of EIA, said: "Renewable energy is the fastest growing energy source, but its starting base is lower." It is expected that by 2035, China and other non-OECD countries will account for 87% of the growth in energy consumption. According to EIA, both China and India are among the countries that are least affected by the global recession. In the future, the two countries will continue to lead the growth of world economy and energy demand. In 2007, China and India together accounted for about 20% of the total global energy consumption. The EIA report predicts that by 2035, the energy consumption of the two countries will more than double, accounting for 30% of the total global energy consumption. It is predicted that by 2035, the proportion of the United States’ total energy consumption in the world will drop from 21% in 2007 to around 16%. The EIA expects the average oil price in 2035 to reach US$133/barrel, nearly double the current level. Maybe the consumer country needs to adapt to the three-digit oil price again. In the past two years, the global economic downturn has hit hardly the demand and the output of all energy resources. The EIA expects demand and consumption to return to pre-recession levels by 2035. 3D Printing Auto Production Line 3D Printing Auto Production Line,3D Printed Solid Sand Mold,Resin Sand Molds For Casting,Small Build Volume 3D Printer Guangdong Fenghua Zhuoli Technology Co., Ltd , https://www.fhzl3d-pequip.com
The main reason for the high oil price last week was the market’s optimistic reading of recent economic data. The rise in oil prices at the time was a response to weekly inventory data and a report. The report stated that as part of the government’s response to the current oil spill, the U.S. Bureau of Mines and Minerals has extended the ban on drilling in the deepwater region of the Gulf of Mexico to shallow waters. However, the report was later denied.
October 14, 2023