The plunge in oil prices has brought incalculable losses to the international market. On March 9th 10:00, Beijing time, the benchmark oil prices in new york and London both fell by more than 20%, and the price of Brent crude oil fell by more than 30%. Contrary to this decline, on March 9, COSCO Shipping shares rose sharply, and the daily limit of A shares and H shares exceeded 13%. In fact, for the domestic economy, the falling oil price not only makes it possible for the rising CPI to fall, but more importantly, it obviously benefits from the company in reducing costs. Bank of America Merrill Lynch estimates that for every 65,438+00% drop in oil prices, China's GDP growth rate will increase by about 0.65,438+05 percentage points. Therefore, the decline in international oil prices is conducive to China's economic recovery.

China is a net importer of crude oil, so falling oil prices will help reduce our import costs and inflation expectations, said Deputy General Manager of Macro Strategy Department of GF Fund. It is expected that the epidemic will lead to an increase in the prices of some daily necessities, and the agency predicts that the CPI will remain at a high level of around 5% in February. However, it is expected that the decline in crude oil prices will have an inhibitory effect on CPI in March. Liu Yuanchun, vice president of Renmin University of China, told China Times that there is no basis for sustained economic inflation in China. Affected by this epidemic, stagflation may occur in the short term, and it will face the dual pressures of unemployment and rising prices, which need to be taken seriously by macroeconomic policies. Within a few seconds after the opening of Asian trading hours on March 9, Brent crude oil futures fell the second largest after the Gulf War.

The collapse of OPEC+alliance triggered a full-scale price war between Russia and Russia. Last weekend, Saudi Arabia lowered the official oil price for at least 20 years and hinted to buyers that it would increase production, which is undoubtedly an option. Crude oil will be supplied to the market in large quantities, and the oil price may fall to around $20. At the same time, Saudi Aramco also made the biggest price reduction in 30 years. May offers unprecedented discounts to customers in Asia, Europe and the United States. In April, the sales of crude oil to Asia will be reduced by 4-6 USD/barrel, and the sales price of crude oil in the United States will be reduced to 7 USD/barrel in April. The price of the flagship Arabian light crude oil owned by Nordic refiners dropped by $8/barrel, while the price was as low as1$0.25/barrel.