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International oil prices will gradually rise to $80 by 2020

International oil prices will gradually rise to $80 by 2020

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
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International oil prices will gradually rise to $80 by 2020

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information
Beijing on November 10th afternoon, according to Reuters, the International Energy Agency (IEA) said on Tuesday that the oil industry's investment in a substantial reduction in crude oil demand growth will partially offset crude oil supply, the impact of international crude oil prices will gradually rise to $80 a barrel in 2020.
In its release of the global energy outlook report, the International Energy Agency is expected in 2020 global oil demand growth of about 900000 barrels a day, the total demand will gradually reach 103500000 barrels per day in 2040.
International crude oil prices fell to nearly $50 a barrel this year, and oil prices have fallen by 50% in the past 12 months, a decline that has already led to a decline in u.s.. It is reported that the United States is a major factor leading to the supply of international crude oil supply.
The International Energy Agency (IEA) executive director Mr Birol before IEA report said: "our expectation is, the international crude oil prices around 2020 gradually rose to $80. We estimate that the amount of investment in the oil industry will fall by more than 20% this year. But perhaps more importantly, this downward trend will continue in the next year. Over the past 25 years, has never been in the past two years, the decline in investment in the oil industry, which is likely to have an impact on the oil market in the next few years."
Oil companies have been trying to cope with the recession and the continuing decline in crude oil prices, they cut spending, cut thousands of jobs, and the global value of about $200000000000 worth of large projects. Crude oil production companies in Canada, Brazil and the United States have a higher cost, and lower oil prices will have to be more direct. Crude oil production companies to cut oil output is likely to be offset by the growth of Iraq and Iran crude oil supply.
Mr Birol said that the Middle East crude oil production accounted for one third of global production, crude oil export volume accounted for the global export volume is divided into three, especially in the crude oil price of $50 in the environment is so. He said: "we have to think about the significance of the safety of crude oil, a small number of countries to assume the responsibility of providing oil for the global market."
However, the unrest in Iraq is now the second largest oil producer in OPEC, the aging infrastructure is likely to hinder its increase in production. Iran is expected to get rid of Western sanctions this year, the country needs to invest a lot of money to make its crude oil output back to 2500000 barrels a day before 2012 levels.
On demand, the International Energy Agency predicts that by 2040 China's total energy consumption will be two times that of the United States. However, efficiency improvement and production means change means that China needs to reduce energy consumption in the future, the future economic growth of each unit of output required energy will be less than 25 of the past 85% years.
India will become the primary driving factor in the growth of crude oil demand. International Energy Agency is expected to increase by 2040 India crude oil consumption will exceed any other country, up to 10000000 barrels a day.
Mr Birol said that the agency did not make the price of crude oil in the next 10 years will still stalemate expected in the low $50 a barrel, but the International Energy Agency does not exclude the possibility of low oil prices will remain.
Recent global economic downturn, OPEC continues to implement its strategy to consolidate the market share and maintain a record of oil production, non OPEC member countries more flexible production, these factors may work together to make oil prices continued to decline.
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