2005•Unpublished venueRequires access

Review and Prospect on Global Oil Price

Jiang Xin-mi

Abstract

Global oil demand increased rapidly in 2004. With influence of oil supply demand balance and other factors, oil price has a sharp increase and then dropped in the fourth season of 2004. Higher oil price does not greatly impact on economy as it did before due to the proper measures be carried out. It seems that global economy increase in 2005 will be slower than previous year as a result of the delayed influence of higher oil price to economy growth. And as for a long run, global oil price will come down to a reasonable price, while a new average oil price will possibly appear.

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Key concepts: Economics, Oil price, Oil-storage trade, Balance (ability), Supply and demand, Economy, Agricultural economics, Monetary economics