Reporter of the Economic Business: Tang Zongquan Reporter of the Economic Business Business: He Jianling
Picture source: Photo Network
In the early morning of March 19, Beijing time, crude oil futures prices continued to fall sharply. The April contract for New York light crude oil fell to $20.06 per barrel during the session, and this price has returned to the level in 2002, which is really "a night back to 18 years ago."
"Daily Economic News" reporter was curious and searched for a while and found that based on a barrel of crude oil, it costs about 159 liters, buying a 200 liter iron barrel costs about 150 to 260 yuan, and 20 US dollars is about 140 yuan, which means that if you sell a barrel of crude oil, you can only buy an iron barrel with a capacity of similar. Fortunately, crude oil is now mainly transported by pipelines and large tankers.
Since the three-year production cut agreement between OPEC and non-OPEC officially ended on March 6, Saudi Aramco has significantly lowered its official price for crude oil sales and announced plans to increase production. The oil-producing countries are more like "glamming". The market originally expected the scale of the price war to expand, and there is no possibility of ending in a short period of time. On the news front, the Nigerian Finance Minister said that the revised budgeted output is set to 2.1 million barrels per day, which will increase crude oil production to 2.5 million barrels per day in a few weeks. Petroleum Corporation said that the average crude oil production this month is expected to be 1.76 million barrels per day.
On March 18, according to media reports, Kazakhstan's Ministry of Energy Deputy Minister Magawov said at a briefing that day that the current international oil prices will not put huge pressure on Kazakhstan's crude oil production. The Ministry of Energy is working with relevant companies to conduct a deduction analysis on the impact of different oil price expectations on Kazakhstan crude oil production, with the minimum expected price of US$20 to US$25 per barrel.
Magawoff said that the mining costs of each enterprise depend on the degree of oil field development and vary greatly from each other. The mining cost of large oil fields does not exceed US$10 per barrel, plus the freight is about US$25 per barrel; the mining cost of old oil fields reaches US$30-35 per barrel. According to media reports, in 2020, Kazakhstan plans to mine 90 million tons of crude oil.
Earlier, the official news agency of Saudi Arabia said in a statement that the country's Ministry of Energy had directed Saudi Aramco to supply 12.3 million barrels of crude oil per day to the market in the next few months. Earlier this week, Saudi Arabia had announced that it would reach 12 million bpd in April and would withdraw 300,000 bpd from global reserves to reach 10 million bpd crude oil export levels.
The reporter noticed that in 1998, the price of crude oil futures started from $10 per barrel, and it took 10 years to rise to $147 per barrel. In 2008, the subprime mortgage crisis broke out in the United States, and crude oil fell all the way, and it took half a year to fall to the level of $33. This time, the price hit a new low in 18 years, and the oil price may already be below the cost line.
As of press time, NYMEX crude oil rebounded rapidly and is currently up more than 13%, at $23.53 per barrel.
Daily Economic News
