At the 6th Asia-Europe Finance Ministers' Meeting held in Tianjin on June 26, how to deal with the challenges posed by rising oil prices to the sustainable development of the global economy has become the focus of discussion.
On the eve of this meeting, crude oil futures prices delivered on the New York Mercantile Exchange in July reached a record high on June 20, approaching US$60 per barrel. For many countries, the oil price of $60 a barrel is already an astronomical figure. According to analysis by the participating finance ministers, there are two main reasons for the recent rise in oil prices: First, investors are worried that the global refining capacity in the second half of the year will not be able to meet the strong market demand; second, the largest production in Africa in mid-June. The abduction of six oil workers in the oil-producing country of Nigeria has also contributed to the rise in oil prices.
At the meeting, finance ministers formed a basic consensus on rising oil prices. First of all, to ensure oil security as the core, actively explore new oil supply bases; Secondly, it should establish and strengthen strategic oil reserves; Third, actively develop new energy, reduce oil consumption, and vigorously promote the use of clean energy. The economic and monetary officials of Ireland, Austria, France, South Korea and the European Commission actively called for the establishment of appropriate energy protection mechanisms. They proposed that energy imports should be diversified, and that they should not be over-reliant on a certain country, nor should they rely too much on coal in terms of energy structure. For oil, the proportion of natural gas and nuclear energy should be increased. In addition, the finance ministers believe that as the automobile society comes, the proportion of oil in the energy structure of developing countries will increase. The international community must strengthen alternative research and accelerate the storage of technologies such as batteries and natural gas vehicles while increasing oil reserves. When crude oil prices rise to a certain extent, these alternative technologies will play a role.
On the eve of this meeting, crude oil futures prices delivered on the New York Mercantile Exchange in July reached a record high on June 20, approaching US$60 per barrel. For many countries, the oil price of $60 a barrel is already an astronomical figure. According to analysis by the participating finance ministers, there are two main reasons for the recent rise in oil prices: First, investors are worried that the global refining capacity in the second half of the year will not be able to meet the strong market demand; second, the largest production in Africa in mid-June. The abduction of six oil workers in the oil-producing country of Nigeria has also contributed to the rise in oil prices.
At the meeting, finance ministers formed a basic consensus on rising oil prices. First of all, to ensure oil security as the core, actively explore new oil supply bases; Secondly, it should establish and strengthen strategic oil reserves; Third, actively develop new energy, reduce oil consumption, and vigorously promote the use of clean energy. The economic and monetary officials of Ireland, Austria, France, South Korea and the European Commission actively called for the establishment of appropriate energy protection mechanisms. They proposed that energy imports should be diversified, and that they should not be over-reliant on a certain country, nor should they rely too much on coal in terms of energy structure. For oil, the proportion of natural gas and nuclear energy should be increased. In addition, the finance ministers believe that as the automobile society comes, the proportion of oil in the energy structure of developing countries will increase. The international community must strengthen alternative research and accelerate the storage of technologies such as batteries and natural gas vehicles while increasing oil reserves. When crude oil prices rise to a certain extent, these alternative technologies will play a role.
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