The International Energy Agency (IEA) recently pointed out in the latest monthly Oil Market Report released by the public: unless there is a major global recession, the era of cheap oil will not return.
The IEA is an inter-governmental economic coalition of oil consuming countries. According to this authoritative analysis, due to the slowdown of economic growth in major industrial countries and the high oil prices, the world oil demand this year is lower than expected. It is estimated that the world oil consumption level this year will be an average of 87.5 million barrels per day, which is 80,000 barrels lower than previously expected.
Since last year, some industrialized countries have substantially reduced their oil consumption demand. This may be partly due to the warm winter, but also by the economic weakness and high oil prices. The IEA insists that only when the world economy suffers a major recession will the oil price be returned to the level below $60 per barrel.
The world’s high-priced oil has long since arrived. According to statistics from this authoritative organization, in the past six years, the global oil price has risen from less than 20 US dollars per barrel in early 2002 to more than 100 US dollars per barrel today. In the same period of last year, oil prices were about 60 US dollars per barrel.
The IEA released a report saying that in today’s era of high oil prices, looking at today’s oil price of US$100, we must understand that it is impossible for oil prices to return to the level of the first decade of this century.
The IEA is an inter-governmental economic coalition of oil consuming countries. According to this authoritative analysis, due to the slowdown of economic growth in major industrial countries and the high oil prices, the world oil demand this year is lower than expected. It is estimated that the world oil consumption level this year will be an average of 87.5 million barrels per day, which is 80,000 barrels lower than previously expected.
Since last year, some industrialized countries have substantially reduced their oil consumption demand. This may be partly due to the warm winter, but also by the economic weakness and high oil prices. The IEA insists that only when the world economy suffers a major recession will the oil price be returned to the level below $60 per barrel.
The world’s high-priced oil has long since arrived. According to statistics from this authoritative organization, in the past six years, the global oil price has risen from less than 20 US dollars per barrel in early 2002 to more than 100 US dollars per barrel today. In the same period of last year, oil prices were about 60 US dollars per barrel.
The IEA released a report saying that in today’s era of high oil prices, looking at today’s oil price of US$100, we must understand that it is impossible for oil prices to return to the level of the first decade of this century.