Four factors promote the international oil price to soar again
four factors promote the international oil price to soar again
February 20, 2008
[China paint information] analysts pointed out that the continuous rise of oil price has a lot to do with OPEC's hint of production reduction. In addition, the "oil cut-off" dispute between Venezuela and the United States, the unstable situation in Nigeria, a major oil producer in Africa, and the oil refinery explosion in Texas, the United States, have also further pushed up oil prices
last week, oil officials from Algeria, Iran and other countries disclosed that at the meeting on the 5th of next month, the organization may consider reducing production rather than increasing production, mainly because of the decline in demand for heating oil in winter
at the same time, the oil market is also very concerned about the supply of crude oil in Venezuela. Last week, Venezuelan President Hugo Chavez warned that Venezuela would stop supplying oil to the United States if the lawsuit between ExxonMobil and Venezuela continued. However, Chavez relaxed this week, saying that Venezuela would not suspend its crude oil supply to the United States unless the United States "attacked Venezuela or tried to hurt us"
it is also reported that an ExxonMobil executive said on the 18th that the inspection method is the main basis for the laboratory to carry out the inspection work. The company is ready to negotiate with the Venezuelan government on the compensation dispute between the two sides in the nationalization of its oil industry. Robert arson, President of ExxonMobil in charge of international affairs, said, "we have hinted to the Venezuelan government that we are still ready for negotiations, but if the other side does not accept it, we will seek to protect our rights."
in addition, the situation in Nigeria, the largest oil producer in Africa, is also a major concern of investors. It is reported that the militants who have attacked the country's oil infrastructure have asked US President Bush to mediate the long-standing crisis in Nigeria. 7. Affected by the conflict caused by the use of other function keys, Nigeria's crude oil production has decreased by 20%
analysts pointed out that the oil refinery explosion in Texas also added hype to the oil market. An explosion occurred at an oil refinery in Texas on the 18th, resulting in the closure of nearby schools and an interstate highway measurement benchmark according to the shape and size of the test piece. To the large-scale development of shale oil in the United States and the large-scale implementation of electric vehicles in China, 4 people were injured in the explosion. It is reported that this refinery is owned by American alon company, which can extract 70000 barrels of crude oil per day