The international oil price fell back from last month. The future price of raw oil on the New York market even reached to $147.42 per barrel on July 11th, the highest price in the history. However, it has fallen about 25%.
The main oil consumption countries in West, such as the Unite States, attributed the raising oil price to oil shortage of OPEC. With the fallback of oil price, the OPEC will face less pressure.
Separately, agriculture information in Frbiz.com demonstrates that since the oil price on the New York market first break the $100 per barrel, the price has being raising in the following months. The main petroleum consumption countries in the West were not satisfied with this situation. The American House of Representatives passes a proposal to prosecute the OPEC to control the oil price. The OPEC insisted that the raw oil supply is abundant on the international market, even facing the pressure of increasing oil output.
The OPEC thought the quick oil price increasing was caused by devaluation of American dollar, the speculation activities and the political turbulence, not by the unbalance of supply and demand. The fallback in last month has proved the OPEC's attitude on the cause of raising oil price from certain aspect.
Generally speaking, OPEC is in a dilemma situation. They are afraid of the increasing raising and fallback because both of them will harm their profit.
On the surface, the high oil price can bring mint fortune, the OPEC hopes the price is higher. However, the high oil price is becoming a new challenge for the global economy when the speed of economic growth is slower in the main developed countries. If the global economy is in hot water because of the high oil price, the raw oil production countries are also impacted.
What is more important, the raising price will restrain the oil consumption and impulse the countries to explore new energy to instead of raw oil. This will be a good hit on the oil production countries in a long run. So it is good idea to keep the oil price at a high level, which can also be accepted by the main oil consumption countries.
The main oil consumption countries in West, such as the Unite States, attributed the raising oil price to oil shortage of OPEC. With the fallback of oil price, the OPEC will face less pressure.
Separately, agriculture information in Frbiz.com demonstrates that since the oil price on the New York market first break the $100 per barrel, the price has being raising in the following months. The main petroleum consumption countries in the West were not satisfied with this situation. The American House of Representatives passes a proposal to prosecute the OPEC to control the oil price. The OPEC insisted that the raw oil supply is abundant on the international market, even facing the pressure of increasing oil output.
The OPEC thought the quick oil price increasing was caused by devaluation of American dollar, the speculation activities and the political turbulence, not by the unbalance of supply and demand. The fallback in last month has proved the OPEC's attitude on the cause of raising oil price from certain aspect.
Generally speaking, OPEC is in a dilemma situation. They are afraid of the increasing raising and fallback because both of them will harm their profit.
On the surface, the high oil price can bring mint fortune, the OPEC hopes the price is higher. However, the high oil price is becoming a new challenge for the global economy when the speed of economic growth is slower in the main developed countries. If the global economy is in hot water because of the high oil price, the raw oil production countries are also impacted.
What is more important, the raising price will restrain the oil consumption and impulse the countries to explore new energy to instead of raw oil. This will be a good hit on the oil production countries in a long run. So it is good idea to keep the oil price at a high level, which can also be accepted by the main oil consumption countries.
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