With the continuous decline in global crude oil prices, is it possible for domestic oil prices to drop?
AshleySep 23, 2024, 05:05 PM
The trend in international oil prices is influenced by a variety of factors, including the global economic situation, supply and demand, geopolitical situation, and monetary policy. However, to some extent, international oil prices are a reflection of the economy. It seems that there is not much connection with ordinary consumers, but a series of reactions will affect all aspects of our daily lives.
Recently, international oil prices have fluctuated sharply. On September 10, there was a sharp decline. WTI crude oil futures and Brent crude oil futures hit new lows since last May and last December respectively. In the Chinese market, the price of the main contract for Shanghai crude oil futures also fell to 503.1 yuan/barrel, which is a low point in the past five months, which has accumulated a 21% drop compared to the high point in early July.
The market generally believes that the worry about the slowdown in the global economic growth rate is a key factor causing the international crude oil price to fall. Goldman Sachs pointed out in a report that the market's expectation of oversupply of crude oil has exacerbated the weak trend of oil prices and predicts that by 2025, the crude oil market may turn from the current tight supply to oversupply.
Looking at the domestic market, the price of ron95 is still maintained at RM 2.05, and the price of ron97 is maintained at RM 3.19, which is a relatively low level in recent years. Thanks to the government's use of policy measures to control oil prices to ensure that oil prices will not be too high to affect people's lives. In addition, the abundant domestic oil resources mean that Malaysia has a certain self-sufficiency ability in oil supply, which can resist the impact of external market fluctuations on oil prices.
Compared to oil-consuming countries such as Europe, the United States, and China, the domestic oil demand is relatively small, which is one of the reasons why its oil prices are lower and stable. Therefore, the stability of domestic oil prices is unparalleled in the world. In the future, it is not excluded that domestic oil prices will be further reduced in order to promote economic development, and they will be aligned with the international, which may be a good thing for car owners, as it can effectively reduce the expenditure of daily car use.
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