News
The Supply of Oil in the International Market is still Sufficient
International Energy Network News: The cumulative 20% increase in more than 20 days has made international oil prices a "target" for the media, oil companies and major oil-consuming countries. Yesterday, the crude oil market once again received bad news - people engaged in oil trading said that Libyan oil trade has been paralyzed. "Due to the sanctions imposed by the United States, banks in various countries have refused to settle US dollars paid for Libyan oil trade."At the same time, there is news that "in the past week, Morgan Stanley has abandoned all crude oil and petroleum refining product transactions related to Libya." This will further increase the pressure on crude oil supply in Europe (Morgan Stanley usually Purchasing crude oil from Libya to meet the needs of British and French oil refineries). According to statistics from the International Energy Agency (IEA) last week, crude oil output shipped from Libyan ports has dropped sharply to 500,000-600,000 barrels per day.
Various negative rumors have caused international investment banks to once again sound a new round of "singing more" clarion calls. On March 9, Goldman Sachs, which had maliciously speculated on international oil prices in 2008, announced that it would raise the average price of Brent crude oil in the second quarter of 2011. Bank of America Merrill Lynch, which was originally a pessimist, lowered its estimate of the average crude oil price in the second quarter from earlier. was significantly raised from $86 to $122.
However, in contrast to the market's pessimism, executives from major global energy companies said that despite supply disruptions in Libya, global oil supplies are still sufficient.
"The United States does not need to release strategic oil reserves." A senior executive of French oil company Total said that Saudi Arabia "has the production capacity to make up for the gap." The head of Kuwait Petroleum Company firmly believes that "any crude oil shortage can be alleviated in the short term."
RELATED NEWS
- International Peaceful Use of Nuclear Technology Faces Challenges
- South Korea’s “Summit Diplomacy” Opens up Africa and Expands African Energy Supp
- Iran's First Nuclear Power Plant Expected to be Commissioned Next Year
- BANDON's Third-generation Commercial Inverter Heat Pump Successfully Launched
- International Oil Prices Hit Record Highs Continuously