Concerns about the situation in the Middle East as well as the debt crisis in Europe under the influence of the decline in global oil demand, will be the two main factors that affect future oil prices. International crude oil prices hovering between bear and bull market two extreme possible. Face of high oil prices, on the one hand, we should vigorously develop new and alternative energy sources, at the same time, because there is not an alternative energy source can be a very economical way and improve the technology to replace traditional fossil fuels. Therefore, by reducing the energy price subsidies, promote energy conservation, the inevitable choice to deal with high oil prices.
He Vatican satisfied, Platts Platts oil seminar recently held in the near term, the political risks of the oil-producing countries in the Middle East, especially the Iranian nuclear crisis and other factors, will enable the international crude oil prices remain high and volatile. Deterioration of the situation in Iran, resulting in the Strait of Hormuz is blocked, the industry estimates that crude oil prices even rose to $ 200 per barrel at the meeting. However, the medium term, the impact of the European debt crisis on the global economy global oil demand and the resulting decrease in the international price of oil dropped to below $ 100 a barrel.
He said the Vatican is satisfied that the current problems may arise in addition to Iran's oil supply, the supply of oil in Sudan, Yemen, Syria and other countries have failed to reach the upper limit, Libya's production capacity has not been fully restored, the Organization of Petroleum Exporting Countries spare production capacity has shrunk. Commercial crude oil inventories for Economic Cooperation and Development (OECD), the past seven months continue to lower, and is now below the average level in five years, which caused great pressure on the current oil price.
She also stressed that the short term, the possibility of shrinking global demand for crude oil. Iran, the situation does not deteriorate further, crude oil prices likely to remain at current levels for some time.
She also said that if the future of the U.S. shale gas to achieve large-scale exports will drive natural gas prices fall, will play an important substitution effect on oil.
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