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| Author: | Tian, Yan |
| Title: | Oil price may keep low in following 2 to 3 years (original in Chinese) |
| Journal: | Intertrade (c)
1999 : 3, p.43-45 |
| Index terms: | OIL PRICES CHINA |
| Language: | chn |
| Abstract: | The essential features of current international oil market are excessive supply and low price. Economic crisis in Asia led to weakened demand. The oil-producing countries did not effectively reduce oil production according to demand change and caused oil cornering. China suspended import of processed oil since September 1998. The period of low oil price will continue, mainly because there is structural ability surplus residing in the upper reaches of oil industry, the market can not product shortage to raise price. In addition, technological progress has reduced exploiting cost to far lower than $15 per drum. This price has little influence on production, because most oil fields operate at lower than $10 per drum. |
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