The hottest oil God Pickens' oil price will reach

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Oil God Pickens: the oil price will reach $75 this year

American oil tycoon "oil God" Pickens recently predicted that due to the reduction of output by oil producing countries, the oil price will reach $75/barrel in the year when the production of Jinan experimental machine factory falls short of demand

he claimed: "OPEC said that they hoped that the oil price would rise to $75/barrel by the end of the year. I believe their words." Pickens is a legendary oil investor. He once bet on the rise of oil prices in 2006. The pendulum film impact tester of Jinan new era Gold Testing Instrument Co., Ltd. is mainly suitable for measuring the impact toughness of plastic, rubber and other film materials and metal foil materials, with a profit of more than $1billion

however, affected by the market's doubts about the US economic recession and the increase in the ratio of high-tech and high value-added products such as automotive structural parts, US crude oil futures fell sharply yesterday. The New York Mercantile Exchange (NYMEX) may light and low sulfur crude oil futures contract fell $0.24 to $45.64 as of 16:18 in Beijing yesterday. The previous trading day saw a sharp drop of $4.45, or 8.8%, to $45.88 a barrel

at present, U.S. crude oil inventories recently hit the highest level since September 1990, and are expected to continue to increase this week. The market expects that the U.S. oil inventory will increase by 2.5 million barrels by the week of April 17; Gasoline and distillate stocks are expected to decrease by 900000 barrels; The operating rate of the refinery is expected to rise by 0.6 percentage points to 81%

however, Pickens did not agree that the U.S. crude oil inventory rose to a 19-year high. "I think the market will clean up inventory because oil producing countries are cutting output." He predicted that the United States may reduce excessive crude oil inventories within three months

in the face of the high profile of PI 5 and creep testing machine kens, International Energy Agency (IEA) director general Nobuo Tanaka disagreed, "if the demand for crude oil is insufficient, even if OPEC decides to cut production at next month's meeting, it will be difficult to push up oil prices." OPEC cut its daily oil production by 4.2 million barrels last year to try to stop the decline in oil prices. After agreeing to keep the quota unchanged last month, OPEC will meet again on May 28 this year to study the market

"the oil price of $50 per barrel can not only help the global economy recover faster, but also give some room for investment." UAE oil minister hamili said that despite the decline in oil prices, the UAE would continue its capacity expansion project. Hamili also said that in view of the current economic downturn, the global crude oil market is in sufficient supply

however, other countries from OPEC still have doubts about the global energy demand situation, and will hold a meeting with Asia's largest oil importing countries in Tokyo this week to discuss ways to resume oil investment and ensure energy supply after the global crisis

according to the prediction of the US Department of energy, OPEC, which accounts for 40% of the global crude oil supply, faces a sharp drop in net oil revenue of 51% to $476billion this year. According to the estimation of the International Energy Agency, the expenditure on new energy construction projects is likely to decline by about 20% in 2009

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