The Chinese urgency points to two things. China believes that crude oil prices will not remain at the current levels for long, and that a disruption is possible due to geopolitical reasons, which can propel oil prices higher.
With commodity prices falling precipitously during the last 2 years it has been a hard time for both commodity market analysts and commodity exporting countries’ finance ministers.
Cut greenhouse gas emissions in New York by 40 percent by 2050. A commendable goal. But two of the four nuclear power stations in the state may close down by 2017.
Just over three months after the authorities lifted the four-decade ban on crude oil exports, the U.S. has actually exported less this year than it did over the same period the year before, when the ban was still in place.
Oil prices have climbed by about 50 percent from their February lows, topping $40 per barrel. But the rally could be reaching its limits, at least temporarily.
What if I told you that there was a period in history where oil demand declined by 5 million barrels per day and non-OPEC supply increased by 5 million barrels per day, yet oil price rallied more than 50 percent?
