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Why isn't There a rush to cut production? A statistic to tell you the truth

Why isn't There a rush to cut production? A statistic to tell you the truth

(Summary description)It is worth noting that the biggest difference from the three previous oil price falls in history is the development of alternative energy."Previous oil price falls in 1986,1998 and 2009 did not produce alternative energy,but this time in 2014 did,"Mr Chen said."This is mainly about the development of energy storage technology,which will have a profound impact on fossil fuels such as oil in the future."

Why isn't There a rush to cut production? A statistic to tell you the truth

(Summary description)It is worth noting that the biggest difference from the three previous oil price falls in history is the development of alternative energy."Previous oil price falls in 1986,1998 and 2009 did not produce alternative energy,but this time in 2014 did,"Mr Chen said."This is mainly about the development of energy storage technology,which will have a profound impact on fossil fuels such as oil in the future."

Information
Since June last year,the price of international crude oil has fallen more than half from its peak,as brent crude,the international benchmark,continues to refresh market expectations of a floor for oil prices.Is the golden age of oil over?
In the view of some,low oil prices will give the industry a longer life.
It is worth noting that the biggest difference from the three previous oil price falls in history is the development of alternative energy."Previous oil price falls in 1986,1998 and 2009 did not produce alternative energy,but this time in 2014 did,"Mr Chen said."This is mainly about the development of energy storage technology,which will have a profound impact on fossil fuels such as oil in the future."
In the United States,as the largest oil producer and the largest consumer,the decline in oil prices will further promote the development of shale oil technology due to the increasing production of shale oil driven by technological advances in the past two years,resulting in excess demand."The move by the United States to increase shale oil production and lower oil prices is really about extending the life of oil,"Chen said.
Since oil is priced and settled in dollars on the international market,there is usually a negative correlation between the price of oil and the dollar.A stronger dollar has also been a contributing factor to the current oil slump.In 2014,as the U.S.economy continued to recover while Europe and Japan slowed or even stalled,the U.S.dollar rose sharply against a number of currencies,sending oil prices lower in dollar terms,according to relevant data.Not only that,but commodity prices,including coal,also fell.

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