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    Home > Chemicals Industry > Petrochemical News > It's crazy! International oil prices exceeded $110 per barrel, and the door to the era of high oil prices was opened again

    It's crazy! International oil prices exceeded $110 per barrel, and the door to the era of high oil prices was opened again

    • Last Update: 2023-03-08
    • Source: Internet
    • Author: User
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    The situation in Ukraine affected the global market, the price of crude oil in the two major indicators both exceeded 100, and the oil station peaked at $110 / barrel!

    As of press time, WTI oil prices reached $108.
    91 / barrel, and Brent crude oil futures soared to 110.
    59 US dollars / barrel

    Looking back at the trend of international oil prices in the past period, from exceeding $100 on February 24 to exceeding $110 on March 2, international oil prices took less than ten days!

    Looking at the long term, the oil price level of $110/barrel is at a historical high since 2014, as if the door to the era of high oil prices has opened again!

    The United States and its allies are discussing the release of 60 million barrels of the Strategic Petroleum Reserve in an attempt to stem the sharp rise
    in oil prices.
    However, the news that 60 million barrels of oil reserves is less than 6 days of Russian oil production, let alone global oil consumption in a day, does not at all eliminate the market's concerns
    about oil supply disruptions.

    If the military conflict between Russia and Ukraine escalates, resulting in oil supply disruptions, oil prices may continue to rise

    Reuters quoted senior oil market analyst Louise Dickson's analysis as pointing out that "the impact of the Russia-Ukraine conflict will continue to trigger an energy crisis in the short term, and oil prices are currently above $100 per barrel, or even higher
    if the conflict escalates further.
    " ”

    Bob Yawger, head of the futures division at Mizuho Securities, said that "the market cannot afford to lose Russian oil.
    Due to concerns about oil supply disruptions, institutions have raised their oil price forecasts, and Goldman Sachs raised its Brent crude price forecast to $115 per barrel

    OPEC+ producers, including Russia and Saudi Arabia, will meet on Wednesday to decide whether to raise oil production by 400,000 b/d
    in April.

    According to Reuters Chinese reported on February 26, OPEC+ sources said that since the conflict between Russia and Ukraine, OPEC+ oil producers including Russia have not seen any cracks so far, although crude oil prices have exceeded $100 per barrel, but the alliance may stick to the original production increase plan
    at next week's meeting.

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