According to the Global Network, international oil prices have fallen for two consecutive days after nearly half a month of sharp rise. By the close of trading on March 15, the two big benchmarks of U.S. crude oil futures and London crude oil futures had fallen below $100 a barrel, the lowest price in two weeks.
Data show that in early March, international oil prices once exceeded $130. But as the timeline of the Russian-Ukrainian conflict has lengthened, oil prices have begun to fall in recent days. Crude oil futures prices on the New York and London stock exchanges fell to more than $90, down more than 6 percent.
According to information released by the American Automobile Association, the price of ordinary gasoline in the United States has also begun to slowly ease, from $4.331 per gallon to $4.316.
Previously, international oil prices rose, which was closely related to the situation in Russia and Ukraine. The outbreak of war and a series of sanctions imposed by Western countries on Russia and other unstable factors have created a sense of risk aversion in the oil market. The United States also specifically targeted Russia's energy imports and exports, and encouraged the European Union to join the ranks. Oil has been stimulated and prices have soared, even breaking records since 2008.
However, the timeline of the Russian-Ukrainian conflict has been extended for more than 20 days, and international oil prices have gradually begun to return to rationality. Global network news said that investors realize that these european countries are heavily dependent on Russia's energy market, it is difficult to completely decouple from it, the cost is too high, until now the Eu has not dared to give a fierce hand, completely sanctions Russian energy.
Analysts say that recent negotiations between Russia and Ukraine have been advancing, and although some countries' sanctions against Russia have not stopped, and Zelenskiy's attitude is uncertain, both sides will reveal optimistic prospects from time to time. Not long ago, officials from both Russia and Ukraine released information that significant progress had been made in the negotiations. Affected by the trend of the international situation, oil prices began to gradually decline.
According to the Global Network, Iran is working hard to promote the negotiation of the "Iranian nuclear agreement" and is expected to return to the international energy market. British Prime Minister Boris Johnson is also planning a trip to Saudi Arabia, although no specific purpose has been disclosed, but sources said that his trip is to persuade Middle Eastern countries to increase oil extraction to replace Russia's energy status.
The United States also pulled down its face, sent a representative to visit Venezuela, the British Reuters agency said that the United States oil company Chevron, has won the Venezuelan oil field operation rights, the next Biden administration is likely to cancel sanctions against Venezuela, open up crude oil market imports.
So what does falling oil prices mean for Russia? According to statistics, in Russia's total exports, energy products accounted for as much as 54.3%, in 2021, affected by soaring energy prices, their foreign trade volume increased by 37.9%.
If some Western countries negotiate business with several oil countries and find new importers, Russia's oil exports will be affected, foreign trade revenue will decrease, and GDP will fall by 15% this year, according to the International Finance Association.
In this way, the purpose of the United States is obvious, they are trying to suppress oil prices, the purpose is to short Russia, weaken Russia's important chips in response to sanctions. Now that oil prices have fallen, Russia's economy has been affected, and the U.S. has achieved some of its purpose.
This may seem very bad for Russia, but for Europe, what they need most is not oil, but gas. According to statistics, 40% of the natural gas imported by Europe every year comes from Russia, and their plight remains unchanged.
The attitude of several major oil producers in the world is also uncertain, according to the Global Network, before, the leaders of Saudi Arabia and the United Arab Emirates have refused to answer Biden's phone, and the "Iranian nuclear agreement" on the Iranian side has not yet made clear progress. The United States and Venezuela were once sworn enemies, and it is not too easy to completely resolve the contradictions between the two sides in the short term.
In addition, the Global Network has news that India announced that it wants to buy russia's discounted oil, and China has also maintained a state of normal trade with Russia. If oil prices fall, it is not excluded that some countries will increase imports of Russian oil. This could provide economic support for it and even gradually dismantle the dollar hegemony.
In general, in this oil war without smoke, who is the final winner depends on how long the low oil prices can last, and how much support India, China, etc. can give to Russia.
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