Home > News > Oil Prices Have Plummeted Again Due To Control Measures Issued By Several Countries And Regions In Response To The Epidemic
Oil Prices Have Plummeted Again Due To Control Measures Issued By Several Countries And Regions In Response To The Epidemic
As control measures introduced by several countries and regions in response to the epidemic have impacted oil demand and the existing production reduction agreement is about to expire at the end of this month, international oil prices continued to fall on the 18th and plummeted at the close. As of the close of the day, the cost of light crude oil futures for delivery on the New York Mercantile Exchange fall by $ 6.58 to close at $ 20.37 per barrel, a decrease of 24.42%. The price of London Brent crude for May delivery fell by $ 3.85 to close at $ 24.88 per barrel, a decline of 13.4%.
It is reported that Saudi Arabia, the United Arab Emirates, and Russia announced that increasing production would likely increase crude oil supply by about 4 million barrels per day in the next two months. U.S. shale oil and gas companies may cut budgets by 30% to 50%, and production adjustments in some other oil-producing countries will be slower. On the first half of this year, global oil consumption will shrink to more than 500,000 barrels per day. If the epidemic is not controlled, the shrinking demand may continue into the second half of 2020. In extreme cases, if there is no way out for excess crude oil in the market, the price of oil may fall below $ 20 per barrel, and upstream companies may suspend production accordingly.
Oil prices are expected to continue to fall. Demand for aviation kerosene, gasoline, shipping oil, petrochemicals, and power generation oil plummeted at the same time, which is a rare gloomy picture. In the second quarter, the average price of U.S. West Texas Light Crude Oil futures and British Brent Crude Oil futures will be the U.S. $ 20 per barrel. Oil consumption has fallen by approximately 8 million barrels per day due to the epidemic. The overall decline in oil demand is unprecedented.
Bearings are an essential part of petroleum equipment. Petroleum machinery bearings cover various components such as mud pumps, water faucets, derricks, cranes, turntables, hooks, and other elements of petroleum equipment. They have a wide range of equipment, large and small, and structural differences. The quality stability, safety, and reliability of its supporting bearings are essential.
It is reported that Saudi Arabia, the United Arab Emirates, and Russia announced that increasing production would likely increase crude oil supply by about 4 million barrels per day in the next two months. U.S. shale oil and gas companies may cut budgets by 30% to 50%, and production adjustments in some other oil-producing countries will be slower. On the first half of this year, global oil consumption will shrink to more than 500,000 barrels per day. If the epidemic is not controlled, the shrinking demand may continue into the second half of 2020. In extreme cases, if there is no way out for excess crude oil in the market, the price of oil may fall below $ 20 per barrel, and upstream companies may suspend production accordingly.
Oil prices are expected to continue to fall. Demand for aviation kerosene, gasoline, shipping oil, petrochemicals, and power generation oil plummeted at the same time, which is a rare gloomy picture. In the second quarter, the average price of U.S. West Texas Light Crude Oil futures and British Brent Crude Oil futures will be the U.S. $ 20 per barrel. Oil consumption has fallen by approximately 8 million barrels per day due to the epidemic. The overall decline in oil demand is unprecedented.
Bearings are an essential part of petroleum equipment. Petroleum machinery bearings cover various components such as mud pumps, water faucets, derricks, cranes, turntables, hooks, and other elements of petroleum equipment. They have a wide range of equipment, large and small, and structural differences. The quality stability, safety, and reliability of its supporting bearings are essential.
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