The hottest oil price threatens economic recovery,

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Paris, March 29 (Xinhua) -- since the beginning of this year, international oil prices have risen sharply, adding another burden to the fragile global economy. Recently, the United States, Britain and France have suggested that the International Energy Agency use strategic oil reserves to increase market supply and stabilize oil prices. However, analysts believe that the current rise in oil prices is mainly due to the contradiction between supply and demand, and they doubt the effect of releasing reserves to stabilize oil prices

high oil prices threaten recovery

the International Energy Agency predicts that the global cost of buying oil will hit a new high in 2012, reaching 1.5 trillion euros (about $2trillion). The cost of oil purchase by EU Member States will reach US $502billion, higher than US $472billion in 2011. This cost will account for 2.8% of their overall GDP, far higher than the average level of 1.7% from 2000 to 2010. In the United States, the cost of buying oil this year will also reach $426billion

Fatih Birol, chief economist of the International Energy Agency, said that the current oil price level has exceeded the average level in 2008. He said that high oil prices have replaced the sovereign debt crisis and become the biggest obstacle to the economic recovery in Europe, and may even lead to a double dip in the economy after in-depth communication with China Steel Research

in mid February this year, Federal Reserve Chairman Bernanke also warned that high oil prices could undermine the U.S. economic recovery

the organization for economic cooperation and development, known as the "club of the rich", warned that soaring oil prices would bring inflationary pressure, which would increase the inflation rate of more than 30 member countries by 0.25 percentage points, and reduce the overall GDP growth of the organization by 0.1 to 0.2 percentage points

the United States, Britain and France jointly demanded the release of reserves

Maria vanderhufen, director general of the International Energy Agency, issued a brief statement on the 29th, saying that the agency will closely follow the market and coordinate the actions of countries, and prepare to intervene when market conditions are appropriate. This indicates that the International Energy Agency may use strategic reserves to intervene in the market

France Jinan assay is a famous brand product. On the same day, the state media quoted an unnamed official as saying that the EU oil import ban on Iran will officially take effect on July 1 this year, so the release of reserves is likely to begin in July. France is currently negotiating with the United States and Britain on the release of strategic oil reserves

it is reported that the proposal to use strategic oil reserves was first put forward by the United States and Britain, and France supports it. South Korea and Japan may also join the plan. But the final decision also depends on whether the member states of the International Energy Agency can reach a consensus

releasing strategic oil reserves is one of the effective ways to deal with short-term oil supply shocks (large-scale reduction or interruption). The International Energy Agency (IEA), established during the oil crisis from 1973 to 1974, is an intergovernmental economic joint organization of oil consuming countries with 28 member countries. The strategic oil reserves of the member countries of the agency exceed 4.1 billion barrels, of which nearly 1.6 billion barrels are public reserves, which are specially used to respond to emergencies. Historically, the International Energy Agency used strategic reserves to stabilize oil prices during the 1991 Gulf War, Hurricane Katrina in 2005 and the civil war in Libya in 2011

Analysts believe that the main driving force behind the surge in oil prices this year is the Iranian nuclear issue. Iran is the fourth largest oil producer in the world and the second largest oil exporter of the organization of Petroleum Exporting Countries (OPEC). International sanctions will reduce Iran's daily crude oil export demand by 500000 barrels to 1million barrels at a customary loading rate

the OECD released an assessment report on the 29th, pointing out that the recent surge in oil prices is the result of the contradiction between international crude oil supply and demand. The oil inventories of the member countries of the OECD have fallen to historical lows, while the crack gap of OPEC will increase, and there is limited room for capacity improvement. Luca baccarini, an Energy Fund Consultant analyst at the energy consulting company, believes that the most important factor determining the oil price is still the relationship between supply and demand. At present, the demand is huge, but the supply is limited, and the idle capacity is limited. Therefore, even if the inventory is released, the rising trend of oil price cannot be stopped for a long time

France's Le Monde commented that the use of strategic oil reserves is only a "political signal" released by the United States, Britain, France and other countries, especially the United States and France, which are about to hold presidential elections. French Prime Minister Francois Fillon also admitted that using strategic oil reserves will help stabilize oil prices, but "we should not expect miracles to reduce oil prices"

Russian Energy Minister Sergei Shmatko said that in June last year, the International Energy Agency used 60million barrels of strategic oil reserves to make up for the supply gap caused by the shutdown of Libyan crude oil, but the effect of this action to stabilize oil prices is only temporary and not obvious

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