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See the international oil market outlook from G20 summit
In Nov 12, the fifth G20 summit finally adopted the "Seoul Declaration", but some substantive issues including exchange rate did not make breakthrough.
The "missequence"of international financial order presented in the summit reflected the embarrassment of international petroleum market. The international petroleum just found the dawn from global financial crisis. But dollar depreciation, currency overflowing and protectionism may bring the world petroleum market into new dilemma.
"Currency war", the hottest news topics, is also the dark cloud shrouding the G20 summit. The oil market instability caused dollar fluctuation is regular fact, and the differences between the current monetary policy, has become the focus of impeding global economic recovery Dollar became the only oil settlement currency in 70’s of last century. This means that dollar depreciation will lead to higher oil price. At the same time, it will enhance the attractiveness of oil, oil, gold and other commodity markets for speculative funds, and increase the risk of oil market and instability of the international economic structure.
Another hot issue is trade protectionism. Trade protection Directly affects the oil industry. China’s oil and oil service companies also often feel a variety of tangible and intangible trade barriers in the “go out” process.The current exchange rate disputes and trade protectionism are widely reported or speculated. The key is that some countries try to adopt short-term "economic leverage" without ignoring the risks of the current recovery to break out of their economic difficulties. But this directly affects long-term stability of global oil market.
The global oil market affected by many factors is only a miniature among global countries. Unity and cooperation and seeking common development, which is intelligence left to the human by oil industry history.
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