Analysis of Global Power Market
Analysis of China's Power Operation Market
Analysis of Fuel Prices (3/3)
Market Price of Crude Oil, Global, 2013-2023E
US Dollar per Barrel
104.1
96.2
110
11
100
90
80
70
76
60
52.8
50.8
42.8
50
50
40
40
32
30
74.0
72.0
69.0
69.1 69.2 69.3
CAGR(13-18)
CAGR(18-23E)
20
Crude Oil
-7.1%
-0.8%
10
10
0
2013 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E
•
•
.
Highlights
Historically, a decline in crude oil price is
observed during 2013 to 2016, which can be
attributed to the slowdown of global economic
growth, oversupply of crude oil by OPEC
countries, and reduced reliance on crude oil from
U.S. due to the shale gas discovery.
Price of crude oil started to recover gradually
after 2016 and bounced back to US Dollar 72.0
per barrel, as OPEC countries and Russia
reached agreement on cutting oil production.
Moreover, the rejuvenation of global economy
particularly the emerging countries has further
increased demand on crude oil for industrial
production and manufacturing, resulting in crude
oil price increase.
In future, oil price is expected to remain relatively
stable while factors such as global trade disputes,
U.S.'s tightening monetary policy and slowdown
of European economies may add uncertainties to
the prospect of global economy and oil price.
FROST
&
SULLIVAN
Source: World Bank, Frost & Sullivan
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