Accelerated adjustment to a changing international oil market
In 2023,the international oil market showed such four new features as geopolitical premiums for oil prices decreased but volatility increased,demand accelerated recovery but differentiation intensified,supply-side management strengthened but the game intensified,and the market and trade pattern accelerated reshaping.In 2024,macroeconomic and geopolitical trends,the pace of new energy automobile development,OPEC+production policy,and the Federal Reserve's monetary policy would continue to influence and change the international oil market.It is expected that the overall supply and demand of the international oil market in 2024 will be loose,international oil prices will still be in a strong cycle,and the pivot of oil prices may shift slightly downward compared with the previous year,but it will still be at a medium-high level with the possibility of a sharp changes.China's oil and gas industry should make better use of its advantages in industry,market,technology,and trade to help stabilize the global oil market,strengthen scientific and technological innovation and management change,adhere to the low-cost development,continuously improve its competitiveness,utilize the advantages of upstream and downstream integration and domestic and international resource market linkage well,and make good use of cross-cyclical and counter-cyclical adjustment tools so as to better cope with the uncertain external environment.
international oil marketsinternational oil pricesOPEC+market landscape
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