Current international crude oil market pattern
What is the pattern of international crude oil market? There are serious imbalances in reserves, production supply and consumption demand in the international crude oil market due to different regions.
In terms of crude oil reserves, the Middle East accounts for nearly half of the world's reserves, the Americas accounts for nearly one-third, and the total of the top ten crude oil reserves accounts for more than 80%. From the actual production and supply point of view, the main global crude oil production regions are the Middle East, Europe and North America. From the perspective of supply situation in recent years, the success of the shale oil revolution in the United States has led to a steady growth in North America's production. In the bottleneck period of conventional oil production, the production of unconventional crude oil successfully made up for the gap brought by the growth of demand, and also made the focus of the global energy pattern gradually shift from the Middle East. In terms of consumption demand, North America, Asia Pacific and Europe are the main regions of crude oil consumption. In addition to the United States, Japan, Canada and other economically strong countries, due to the rapid development, China, India, Brazil, Russia and other countries have also played a strong role in driving global crude oil demand.
The structural difference between supply and demand distribution leads to the complexity and instability of the international crude oil market. As an important non renewable resource, the main consuming and producing countries and regions use various means to influence the international crude oil market and form the basic pattern of the current international crude oil market.
At present, the main crude oil spot markets in the world are mainly distributed in Europe, the United States and Asia, which can be further divided into northwest European market, Mediterranean market, Caribbean market, Singapore market and US market. For example, the Western Nordic market is distributed in Amsterdam Rotterdam Antwerp region, mainly serving Germany, France, Britain, the Netherlands and other countries, and the core is Rotterdam. This region has concentrated the important oil ports and a large number of oil refineries in Western Europe. The Mediterranean market is mainly distributed along the Mediterranean coast of Italy. The supply source is refineries along the coastal islands, and the other part is from Russia. The Caribbean market is a relatively small spot market, but it plays an important role in regulating the balance of supply and demand between the United States and Europe. Crude oil and oil products in this market mainly flow into the U.S. market. However, when crude oil prices in Europe and the United States increase, oil products from the region will flow into the European market. The United States is the largest crude oil consumer in the world, with an annual oil consumption of about 900 million tons, accounting for about 1 / 4 of the global total, of which about 600 million tons need to be imported. Therefore, a huge market has been formed in the United States in Houston Near the Gulf of Mexico and port Portland and New York in the Atlantic Ocean. Although it has only been more than 10 years since the emergence of the Singapore market, it has developed rapidly due to its advantageous geographical location. It has become an international crude oil trading platform in South and Southeast Asia, mainly trading oil from Arabian Gulf in the Middle East and local refineries.