International Oil Price Volatility Increased In 2018, The Largest Volatility In The Year Reached 71%

- Feb 05, 2019-

  According to the Economic Daily on February 1st, the reporter recently learned from the "2018 Domestic and Foreign Oil and Gas Industry Development Report" held by the National High-end Think Tank China National Petroleum Corporation Economic and Technological Research Institute that the international oil price volatility increased in 2018. The maximum amplitude is 71%.

In terms of structure, global stone energy consumption increased by 2.4% in 2018, surpassing non-fossil energy consumption growth (2.1%), of which natural gas consumption increased by more than 5%, exceeding expectations. Before the major breakthrough in non-fossil energy technology, the clean and low-carbon development of fossil energy will remain the main content of energy transformation.

  From the perspective of production, the decline in China's crude oil output has been effectively curbed. Li Luguang, vice president of China National Petroleum Corporation, said that the three major oil companies, including China National Petroleum Corporation, have vigorously upgraded their exploration and development efforts to ensure national energy security. In 2018, the three major domestic oil companies achieved a series of new breakthroughs in the Bohai Bay, Xinjiang, Sichuan and Chongqing regions. Crude oil production stopped falling and stabilized. The estimated annual output was 189 million tons, down 1% year-on-year, and the decline was narrowed significantly.

From the perspective of industry reform, China's oil and gas industry reform has been further advanced. In 2018, China's oil and gas industry entered the implementation stage of deepening the reform of oil and gas system. The measures surrounding the construction of the market system and the security supply system were gradually introduced. The entire industrial chain of the oil and gas industry expanded and opened, and private oil and gas enterprises rose rapidly. At the national strategic level, it plays a key role in ensuring natural gas supply in winter; the pace of foreign investment has accelerated significantly and the intensity has increased significantly.