International oil prices have exceeded the US$100 per barrel mark. Which year in history has the oil price been the highest? Let's discuss this issue below, hoping that this content can help friends in need.
The highest global oil price was in 2008. As the world's most critical strategic resource and basic raw material, oil price adjustment is affected by many factors, such as supply and demand, clearing currency exchange rates, international situations, and economic development market prospects. , climate issues and its stock market conditions, etc. Representatives from different countries and organizations have quite conflicting views on the oil price issue.
Oil-producing countries and developed countries represented by the Organization of the Petroleum Exporting Countries believe that the current international oil price has nothing to do with the fundamentals of supply and demand and is entirely caused by market speculation. Al-Badri, Chairman of the Organization of the Petroleum Exporting Countries, believes that active speculation is the "black fire" behind the rise in oil prices. There is no shortage of supply in the oil market, and the current oil reserve level is 53 days. Sufficient to cope with the increase in energy supply in the summer.
Representatives of capitalist countries and major international oil companies, represented by the International Energy Agency, believe that the increasing demands of developed countries are the main reason for the continued rise in oil prices, and that the Organization of the Petroleum Exporting Countries should improve its Oil production and manufacturing. Looking at the reasons for the recent high oil prices, we believe that financial factors exceed product factors. Since the U.S. dollar is the main settlement currency for crude oil trading, the decline of the U.S. dollar, the financial crisis, and the stock market crash have stimulated speculative funds to enter the product market including futures, pushing up oil prices.
From a practical point of view, the three oil crises that occurred in history caused oil prices to increase by 250%, 160%, and 200% respectively in a short period of time. In particular, the first two crises had a major impact on the global economy. , causing an international economic depression and curbing oil demand. This time, the effect of the skyrocketing oil prices is relatively limited. The global economy has not experienced a significant decline due to high oil prices. The world's oil demand remains strong, especially the increase in demand of oil-producing countries themselves, which has become an important factor in rising oil prices. According to BP's latest 2008 world energy statistics, the oil consumption market in the Middle East grew by 4.4%, far exceeding the 2.3% growth in the Asia-Pacific region.