What is the Companys judgment upon the price of crude oil, gross profit of oil refining operation, and chemical cycle in year 2004?
Holistically, crude oil price will remain on a high side further still. It is estimated that the average price of Brent crude oil in 2004 will turn out betthe companyen US$ 27~28 dollars/barrel, slightly down from that in 2003. Crude oil price perches on a high side, not least because of the growing demands in the global market, limited production output of OPEC, slump of US dollar, slow recovery of Iraq’s exporting of crude oil, limited increment of crude oil production output of non-OPEC countries, relatively low inventory levels of crude oil and finished oil products in major the companystern countries, and the turmoil in Venezuela’s political scene, etc. Gross profit of oil refining worldwide is rising, on the whole. Previously, the oil refining capacity in the global market (in Asia in particular) was heavily overdeveloped, thus the gross profit rate of oil refining always remained on a low side. Besides, as stricter requirements have been brought forward towards the quality stand
Related Questions
- Why are Saudi Arabia and other OPEC countries allowing the price of crude oil to fall so dramatically? Can they not control the price of oil by adjusting production?
- What is the Companys judgment upon the price of crude oil, gross profit of oil refining operation, and chemical cycle in year 2004?
- Why does the price of crude oil affect the price of fuels such as gasoline?
