Hello, everyone, I am the thinking of financial commentators. China is the largest importer of crude oil in the world. Why are our oil companies afraid when the price of crude oil is falling?
The reason is simple, because it will lose money! Who will benefit from the collapse of international crude oil prices? For oil companies, industries and consumers, it is mainly beneficial to car owners, because domestic oil prices have fallen and oil costs have fallen. Therefore, downstream oil companies and car owners most hope that the oil price will be lowered, and adding a box of oil can save tens of dollars, and their hearts will be flattered.
With the reduction of oil cost, transportation cost and price cost, low oil price is beneficial to reduce the economic operation cost of China.
However, the downward adjustment of oil prices is unfavorable to oil production and operation enterprises, that is, to three barrels of domestic oil, because the sharp drop in international crude oil prices will lead to a sharp decrease in profits of central petroleum and petrochemical enterprises.
The data shows that the international crude oil price plummeted in the first quarter, and Brent crude oil price dropped from $ 65438+68 per barrel at the beginning of1October to $23 per barrel at the end of March, during which the price per barrel dropped by more than $40. There is a negative oil price in American oil futures.
Such a terrible decline has directly hit the production, operation and benefit of petroleum and petrochemical enterprises.
First, from the perspective of output, the crude oil exploitation cost of domestic petroleum and petrochemical enterprises is relatively high, which should be above $40, otherwise there will be no unadjusted floor price of $40.
After the oil price plummets, the income and cost of exploration, oil refining and other businesses will be upside down, that is, the cost will be higher than the retail price, that is, one barrel of oil will be lost when one barrel of oil is mined, and the petroleum and petrochemical enterprises will lose money as a whole.
At this time, exploration, oil refining and other businesses cannot be simply shut down, because the consumption of shutdown and restart is greater, which is not conducive to the country's energy security, so it is impossible to simply shut down and simply import.
Second, from the retail point of view, now affected by the epidemic, the sales of refined oil products have also dropped sharply, and the sales of refined oil products in the first quarter have also dropped by more than 20%. Oil is sold less, cheaper and less profitable; At the same time, refining is also a loss, and domestic oil companies are of course afraid.
In fact, not only domestic enterprises, but also oil companies in various countries are worried.
Fortunately, when China sets the floor price of $40, that is, the crude oil price in the international market is lower than $40, the highest retail price of domestic oil price will not be lowered. Moreover, the domestic oil price is adjusted every 10 working day.
Otherwise, if the price of crude oil fluctuates greatly, I am afraid that three barrels of oil will cry to death now, because they will lose their lives.