The World Bank: this year the main commodity or fell across the board
2015-02-03 16:42:00 COMMENT：0 HITS：
Beijing time on January 24th morning news, the World Bank report released Friday, predicted that 2015 is likely to be very rare, all nine main commodity prices are down year.
The report came as oil prices over the past seven months has dropped 55%, extent, only slightly lower than the great recession 75% decline, and decline during the period from 1985 November to 1986 March, 67%.
John senior economist of the world bank development prospect team Pavlovo, (JohnBaffes) saying, at least in the past 12 years, he has not seen all the key commodity prices go down the. Although the constitution change index makes the longitudinal comparison difficult, but a commodity prices collective fall may be in the Asian financial crisis, or is in 1984 and 1985 the economic recession.
The World Bank report said that the sharp decline in oil and related energy products prices makes the mining of these commodities at lower costs, while decreased biofuel production also let the price of agricultural products by pressing.
John Ba Fu Si said he was surprised the oil price would fall so fast, "I can explain the drop in oil prices, but no way to explain this fall velocity."
Prior to this, the organization of petroleum exporting countries has been able to through the adjustment of production to maintain prices, but now the producers realized due to the growing supply, they have been unable to achieve this point. John - Pavlovo said, from USA shale oil and gas development boom, oil sands in Canada and the additional supply of other sources of setting a below $100 a barrel of the upper limit of price, "the crude oil market is too much".
The report also pointed out that the same on the supply side, Libya and Iraq's performance also make the market surprise, the latter yields in Islamic country unceasingly in the territory of the situation still remained stable. The dollar also makes dollar pricing of crude oil futures contract price under pressure.
John Ba Fu Si pointed out, on the other hand, new sources of crude oil mining cost is higher, it should be able to identify a $50 a barrel oil price floor position. He said that oil prices will return to $60 a barrel to $70, but it is difficult to judge how long it will take.
The report came as oil prices over the past seven months has dropped 55%, extent, only slightly lower than the great recession 75% decline, and decline during the period from 1985 November to 1986 March, 67%.
John senior economist of the world bank development prospect team Pavlovo, (JohnBaffes) saying, at least in the past 12 years, he has not seen all the key commodity prices go down the. Although the constitution change index makes the longitudinal comparison difficult, but a commodity prices collective fall may be in the Asian financial crisis, or is in 1984 and 1985 the economic recession.
The World Bank report said that the sharp decline in oil and related energy products prices makes the mining of these commodities at lower costs, while decreased biofuel production also let the price of agricultural products by pressing.
John Ba Fu Si said he was surprised the oil price would fall so fast, "I can explain the drop in oil prices, but no way to explain this fall velocity."
Prior to this, the organization of petroleum exporting countries has been able to through the adjustment of production to maintain prices, but now the producers realized due to the growing supply, they have been unable to achieve this point. John - Pavlovo said, from USA shale oil and gas development boom, oil sands in Canada and the additional supply of other sources of setting a below $100 a barrel of the upper limit of price, "the crude oil market is too much".
The report also pointed out that the same on the supply side, Libya and Iraq's performance also make the market surprise, the latter yields in Islamic country unceasingly in the territory of the situation still remained stable. The dollar also makes dollar pricing of crude oil futures contract price under pressure.
John Ba Fu Si pointed out, on the other hand, new sources of crude oil mining cost is higher, it should be able to identify a $50 a barrel oil price floor position. He said that oil prices will return to $60 a barrel to $70, but it is difficult to judge how long it will take.
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