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ExxonMobil CEO R r doesn’t think so. He believes oil inventories are too high and it will take years to deplete them. Even if oil prices rise during this period, it will take several years. R r said: Some of my other analysts have different views because North American oil production is also increasing. Shale oil production in North America is very high, and production is increasing very quickly. Therefore, R r believes that international oil prices will not rise significantly. Even if the world's other major oil-producing countries reduce oil production, it will be useless. In this case, it is difficult for me to foresee a sharp rise in oil prices. After all, there are many factors that determine the rise in oil prices.
While many attendees focused on crude supply, demand for oil remains difficult to determine. Saudi Energy Minister hh predicts that global oil demand will rise by 10,000 barrels per day between 2018 and 2020. Most of this demand comes from China and India.
However, due to the slowdown in China's economic growth, oil demand faces many uncertain downside risks. If China's economic downturn exceeds expectations and India's economic growth does not meet expectations, international demand for crude oil will fall sharply. In addition, the economic growth rate of other countries and regions has also weakened.
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