Tight international energy market, crude oil prices may soar in the short term
2023/10/9
According to a report on the US CNBC website on the 8th, citing energy experts' analysis, international crude oil prices may skyrocket in the short term on Monday. Bloomberg commentator Javier Bras said that international oil prices may rebound in the future, and the performance of the oil market will depend on Israel's response to the Hamas attacks.
Wang Xiaoyu, a young associate researcher at the Middle East Research Center of Fudan University, analyzed to reporters on the 8th that major sudden natural or social disasters, geopolitical conflicts, oil inventories, and macroeconomic trends may all have an impact on demand, which may be factors causing significant fluctuations in the oil market.
Wang Xiaoyu believes that crude oil prices may rise in the short term, but it is difficult to experience an oil crisis like in 1973. The impact of Israel and Palestine on the oil market is limited unless the conflict between the two sides further escalates. Unlike the situation in which almost all Arab countries were united during the Fourth Middle East War in 1973, the current Arab countries have not made a clear statement regarding this conflict, especially in the context of the "wave of peace and resolution" in the Middle East region. The desire for national development in the Arab world is very urgent, and it is difficult for the historical situation of oil supply interruption to push the oil crisis to its climax to occur again.
According to a report by the Russian newspaper Eurasian Daily on the 7th, oil and natural gas prices have experienced a significant decline in the global market this week, and international oil prices have hit their largest weekly decline since March this year. On the 6th, Brent crude oil fell to $83.44 per barrel on the London ICE exchange. But experts believe that this is a temporary phenomenon, and currently energy prices around the world are generally maintained at high levels. Experts predict that international oil prices may recover to high levels in a period of time. At present, the main reason for the decline in oil prices is the decline in gasoline demand in the United States caused by rainstorm and typhoon. In addition, Russia and Saudi Arabia have announced plans to maintain oil production and export reduction before the end of the year.
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