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    Translation II - U7

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    Sáng Đinh
    Global oil prices have increased by over 21% since the beginning of 2022, rising above $95 per barrel and expected to exceed $100 soon due to high demand as economies reopen and a lack of supply. This price increase could exacerbate inflation in many countries and increase pressure on economic recovery from the pandemic. While some oil producing countries may benefit from higher prices, the disadvantages for global consumers and economies overall are expected to outweigh any gains.

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    Translation II - U7

    Uploaded by

    Sáng Đinh
    5 views1 page
    Global oil prices have increased by over 21% since the beginning of 2022, rising above $95 per barrel and expected to exceed $100 soon due to high demand as economies reopen and a lack of supply. This price increase could exacerbate inflation in many countries and increase pressure on economic recovery from the pandemic. While some oil producing countries may benefit from higher prices, the disadvantages for global consumers and economies overall are expected to outweigh any gains.

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    Global oil prices have increased by over 21% since the beginning of 2022, rising above $95 per barrel and expected to exceed $100 soon due to high demand as economies reopen and a lack of supply. This price increase could exacerbate inflation in many countries and increase pressure on economic recovery from the pandemic. While some oil producing countries may benefit from higher prices, the disadvantages for global consumers and economies overall are expected to outweigh any gains.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    5 views1 page

    Translation II - U7

    Uploaded by

    Sáng Đinh
    Global oil prices have increased by over 21% since the beginning of 2022, rising above $95 per barrel and expected to exceed $100 soon due to high demand as economies reopen and a lack of supply. This price increase could exacerbate inflation in many countries and increase pressure on economic recovery from the pandemic. While some oil producing countries may benefit from higher prices, the disadvantages for global consumers and economies overall are expected to outweigh any gains.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    of 1

    Oil price sours: pressure on economic recovery process

    Source: hanoimoi.vn, 19 February 2022


    In nearly 2 months, from the early of 2022 to this time, global oil price increased by 21,33%,
    from about 80$/barrel to over 95$/barrel and is forecasted to exceed over 100$/barrel. The
    “black gold’s” price escalation could exacerbate inflation situation in many countries and boost
    pressure on the economic recovery process.

    Last week, the Brent oil price exceeded 95$/barrel, the highest level since the summer of 2014
    and increased by 63% when compared to it in the same period of 2021. On 18/2, it decreased
    slightly and is traded at 92.43$/barrel. However, in the escalating context of the Ukraine’s
    situation between Russia and Western countries, experts specializing in market analysis said the
    oil price will sour up to 150$/barrel this summer.

    Furthermore, lack of oil supply in the globe results in the “high inflation” of oil price. The oil
    demand increased dramatically when countries launched border re-open and economic
    activities recovery campaigns, especially production activities, transportation, tourism,
    aviation… after closing border a long time due to Covid-19.

    Although The Organization of the Petroleum Exporting Countries (OPEC+) committed to increase
    the oil supply to 400000 barrels/day but the real figure was just 150000 in the last month.
    Moreover, the US and others are not interested in investing in oil exploitation in the post Covid-
    19 period and many governments boosts to use renewable energy instead.

    According to the International Energy Agency, up to January 2022, the amount of oil reserse in
    38 country members of the OECD is about 2.7 billion barrels, the lowest level in the last7 years.

    The oil price’s growth affected the global energy market immediately, especially motor vehicles’
    owners in European Nations. this is good news for countries specializing production and raw oil
    export. A clear instance is Russia. Its budget would increase by 65B $ in this year if the oil price
    costs over 90$/barrel. However, the disadvantages for global economy, consumers, and
    countries depending on import energy outweigh the advantages that few countries could gain
    from this trend. The dramatic growth of product prices including freight and energy costs put
    pressure on consumers and corporations.

    Nghỉ ngày 9/11


    1. Nguyễn Lộc Nhi
    2. Nguyễn Thị Kim Oanh
    3. Lê Thị Thu Thảo
    4. Nguyễn Minhh Thu
    5. Đặng Thuý Hằng
    6. Chu Khánh Linh

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