The latest news on oil price adjustment on March 17: Has it increased? When will it come down?

International oil prices have continued to rise in recent times, causing this round of oil prices to continue on an upward trend during the statistical period. It is understood that there will be another adjustment in the early hours of tonight. So, the latest news on oil price adjustment on March 17: Has it increased? When will it come down?

1. The latest news on oil price adjustment on March 17: Has it increased?

At 24:00 on March 17, the domestic refined oil price adjustment window will open again. International oil prices have recently fluctuated and risen sharply. Analysts predict that domestic oil prices will follow suit, marking the fifth increase this year. It is estimated that the prices of No. 92 gasoline and No. 0 diesel may increase by 0.64 yuan and 0.70 yuan per liter respectively. Taking an ordinary private car with a fuel tank capacity of 50 liters as an example, filling up a tank of gas will cost about 32 yuan more than before.

2. When will oil prices come down?

In 2021, the epidemic repeatedly disrupted the global supply chain and economic order, and the reason behind it was the shortage of vaccine supply. In 2022, with the increase in vaccine supply, the impact of the epidemic may quickly subside, driving the recovery of the global scenario. Against this backdrop, global travel intensity is expected to return to normal levels of previous years, which means that crude oil demand is expected to further improve. Overall, oil prices will remain difficult to fall in 2022. Since the advent of the shale oil era, the substantial expansion of U.S. crude oil production has reduced the crude oil price ceiling to $120 per barrel. Looking ahead, OPEC's decision-making power will be strengthened, the credibility of its production increases will be continuously verified, and the US shale oil production will lack momentum, so the interference on the supply side may not be a concern.

3. Why are oil prices rising so fast?

The main reason for the recent rise in oil prices is the rise in international oil prices. During the price adjustment period, the situation between Russia and Ukraine escalated, pushing oil prices to continue to rise sharply. Subsequently, Europe and the United States announced sanctions, and market concerns about a decline in crude oil supply increased. OPEC insisted on "limited" production expansion, U.S. crude oil inventories declined, and the 60 million barrels of crude oil reserves that the International Energy Agency planned to release were less than the global daily consumption, which further amplified the market's nervousness about supply shortages, and oil prices continued to rise. The reasons for the increase in oil prices are:

1. Rising international oil prices

2. Slow global economic recovery

After the epidemic is over, countries will implement favorable policies to boost their economies. The future judgment of crude oil demand still depends on the economic recovery process, but it is still unclear at present.

3. Increase in import tariffs

In order to ensure the long-term operation of the country and to control the market, my country collects relatively high taxes and fees on oil. Taxes and fees account for more than 40% of the domestic refined oil prices.

4. OPEC restrictions

There are international oil supply restrictions on various countries. If international oil prices continue to rise, the overall situation will be regulated according to the international economic response;

5. Impact of the epidemic

Overseas, crude oil production has come to a standstill due to the widespread epidemic.

It can be known that at 24:00 on March 17, the fifth increase in oil prices in 2022 will be ushered in. The specific price will be subject to the official release of the National Development and Reform Commission.