In fact, the main factor is the rise in international crude oil prices. Domestic oil pricing is linked to international crude oil prices. Only when there are upper and lower prices, if you want to know more about the upper and lower prices of oil, please click here to check, and the oil price adjustment may be stranded or omitted.
Influencing factors of oil price
The spot contract of West Texas Light Crude Oil (WTI) is regarded by many investors as the benchmark price in the international energy market. Many media articles also cite WTI as a representative price to describe the trend of crude oil prices. However, from the recent trend, WTI crude oil price is more easily affected by the local supply and demand relationship, which has nothing to do with the changes in the fundamentals of the global crude oil market.
From this perspective, WTI is more like a regional oil price. Brent crude oil supply is generally stable and is less affected by local factors. From this point of view, compared with London Brent crude oil, the spot contract price of WTI crude oil futures looks more like a regional oil price, and has almost no international representation.
World oil production is mainly concentrated in the Middle East, North America, Europe and Eurasia. The Middle East accounts for more than 30% of the world's oil production, followed by Europe and Eurasia, accounting for more than 20% of the world's annual output.
And consumption mainly depends on the development degree and speed of countries and regions. From the geographical perspective of oil consumption, North America, Asia-Pacific, Europe and Eurasia are the main consumption regions in the world, accounting for 80% of the total global oil consumption.