Since the beginning of this year, international oil prices have soared by more than 60% like a rocket, breaking through the US$80 per barrel mark and then not falling. The year is coming to an end, and the market is saying that the ceiling of oil prices should be reached. Even the International Energy Agency (IEA) said that as the supply of crude oil gradually recovers, the rebound in oil prices may come to an end. But Rosneft did not agree with it and came out to “speak the opposite tune.”
According to market news on November 17, Russia’s largest oil company RosneftOil stated that by the end of 2022, international oil prices will be very high It could surge to $120 a barrel. Because OPEC+ believes that the current strong demand in the global oil market is only temporary, and there will soon be oversupply in the future. If it rashly increases production at this moment, it will suffer heavy losses in the future. Therefore, despite repeated pressure from the United States, OPEC+ is unwilling to significantly increase production and act with caution. the rules.
Benefiting from the surge in oil prices, Rosneft has also made a fortune. Its latest financial report shows that its net profit in the third quarter of this year was as high as 314 billion rubles (approximately 27.5 billion yuan). , achieving a net profit of 696 billion rubles (approximately 60.8 billion yuan) since the previous three quarters. In response, the giant is also pursuing the victory and plans to increase the output of its oil projects to 30 million tons of oil as early as 2021, which is 600,000 barrels per day.
It should be mentioned that the profit of Saudi Aramco, the world’s largest oil giant, increased to 114.1 billion riyals (approximately 194.2 billion yuan) in the third quarter of this year, an increase from the same period last year. 158%.
In addition to energy giants, oil-producing countries such as Russia and Saudi Arabia have also enjoyed a wave of dividends in the rising oil price cycle. A Fitch report pointed out that Russia is expected to earn US$125 billion from its oil and gas business this year, US$50 billion more than last year. Saudi Arabia’s GDP in the third quarter increased by 6.8% year-on-year, the largest increase since 2012.
In fact, as early as early November, Bank of America announced that by June next year, international oil prices will reach US$120 per barrel. The U.S. Secretary of Energy also believes that oil prices can exceed the $100 mark within half a year. At this time, Biden has passed the blame for high oil prices to OPEC+, believing that the organization’s unwillingness to significantly increase production has pushed up oil prices. However, some oil companies believe that Biden has a greater responsibility.
After Biden took office this year, he was eager to transition to clean energy, adopted many restrictions on the fossil fuel industry, and banned overseas financing of oil and gas projects. The industry called it a “disastrous” policy. . However, under the high pressure of high oil prices and high inflation, Biden joined forces with Japan and India to pressure OPEC+ to increase production. He also laughed at himself and said that this is contradictory and ironic, but there is no way.
However, OPEC+ refused to increase production, and Saudi Arabia also confronted the United States and announced an overall increase in oil prices in December. In order to suppress high oil prices, Biden has been considering He may continue to release large amounts of crude oil from strategic reserves or ban oil exports, but he is still hesitant and has taken no further action.
However, after the passage of the hurricane, oil production in the U.S. Gulf of Mexico is gradually resuming. The IEA predicts that U.S. oil production can increase by 400,000 barrels per day in November and December, and next year Daily production capacity increased by 200,000 barrels to 1.9 million barrels. </p
