Issuing agency: China Association of the National Shipbuilding Industry
Column: Statistics
source: https://www.cansi.org.cn/cms/document/16322.html
Since 2021, international crude oil futures prices have continued to rise, recently breaking through the US$70 mark. On June 2, Brent crude oil futures prices were reported at US$71.20/barrel, up 40.5% from the beginning of the year, up 79.9% year-on-year, a two-year high; WTI crude oil futures prices were reported at US$68.75/barrel, up 45.2% from the beginning of the year, up 86.5% year-on-year, a record high in 2019. A new high since.
After the outbreak of the new coronavirus pneumonia, international oil prices once fell into negative values. For this reason, members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries continued to reduce production, thus promoting the gradual return of oil prices. Recently, as global inventories return to normal levels, the "inflection point" of supply and demand relations has become closer and closer.
Expert analysis believes that the reason for this rise in international oil prices is the continued strengthening of economic and demand expectations. The epidemic in the Asia-Pacific region represented by China, the world's largest consumer, has been effectively controlled, and vaccines have been widely vaccinated in Europe and the United States. The global economic outlook is improving. The OECD recently released an economic outlook, predicting that the global economic growth rate in 2021 will be 5.8% (higher than the previously expected 5.6%). This optimistic expectation has boosted the outlook for crude oil demand. In the past week, The scale of road and air travel in the United States, the world's largest oil consumer, has been the busiest since the outbreak of the epidemic. The ensuing summer travel season in Europe and the United States and other countries will be a further boost to road and aviation fuel demand. Therefore, refined oil and crude oil prices are also expected to continue to rise.