Home > News > Affected By The Worsening Supply And Demand Imbalance In Crude Oil, International Oil Prices Have Plummeted By More Than 60% Since The Beginning Of The Year

Affected By The Worsening Supply And Demand Imbalance In Crude Oil, International Oil Prices Have Plummeted By More Than 60% Since The Beginning Of The Year

wallpapers News 2020-03-26

Affected by factors such as the "price war" in oil-producing countries and the suppression of demand by the new crown pneumonia epidemic, international oil prices fell for the fourth week in a row last week. And US oil prices recorded the most significant weekly drop since the 1991 Gulf War. As of the close of March 20, the cost of light crude oil futures for delivery on New York Mercantile Exchange closed at $ 22.43 / barrel, a weekly decline of about 29.0%; the price of London Brent crude for May delivery closed at $ 26.98 / barrel The weekly decline was about 20.3%.

In fact, due to the worsening imbalance in crude oil supply and demand, international oil prices have plummeted by more than 60% from the beginning of the year, and many institutions expect that this downward trend will be difficult to reverse in the short term. Continued low oil prices will have a wide-ranging impact on the global economy. For oil-producing countries, the sharp fall in oil prices will make their fiscal plans for 2020 worse, and public sector spending in essential areas such as medical care and education may be squeezed. With the spread of new crown pneumonia epidemic worldwide, the escalation of preventive, control, and isolation measures in many countries and regions has led to the suspension of a large number of international flights, the stoppage of production by enterprises, and a significant slowdown in global economic activities, which has severely impacted global oil demand. Bank of America estimates that global oil consumption will decline to more than 500,000 barrels per day in the first half of the year. It is estimated that global oil demand will decrease by 4 million barrels per day in 2020, setting a historical record. Among them, oil demand in the second quarter will shrink to 11 million barrels per day.

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Tag: Oil Prices