The oil price crunch is looming - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
战争

The oil price crunch is looming

The longer the Strait of Hormuz blockade continues, the more likely a crisis-like adjustment in rich economies becomes
00:00

{"text":[[{"start":5.4,"text":"The writer is an adjunct senior research scholar at the Center on Global Energy Policy, Columbia University, and on the advisory board of Crystol Energy"}],[{"start":16.35,"text":"The world is watching a race between two blockades. Washington blocks Iran’s oil income while Tehran threatens the world’s oil artery. Both disrupt energy flows to inflict economic damage and seek to force political concessions. "}],[{"start":32.05,"text":"For Iran, the prospect that a naval blockade will force its government into serious negotiations is dim. Technically, the government still has control over its oil and gas production, including the ability to scale it up or down. Even if the blockade cuts into revenues and damages production capacity in the long term, why would economic misery sway a regime with a long record of prioritising dogma over wellbeing, and with its back to the wall? At a minimum, that will take time."}],[{"start":61.55,"text":"For the rest of the world, time is running out. In volume terms, the de facto blockade of the Strait of Hormuz by Iran is the largest disruption in the history of global oil markets. Many observers wonder why markets appear surprisingly unfazed: oil prices are up but not as much as after Russia’s invasion of Ukraine. Stock markets, in particular, are strong."}],[{"start":86,"text":"The lack of market panic is not irrational. Inventories and expectations tell the story: oil markets were well supplied when the attacks on Iran started, with supply exceeding consumption and inventories high. Financial markets signal expectations that the war and disruption will stop before inventories show the strain. While the spot price for oil has escalated, futures prices for delivery a few months from now are lower and falling. But what if the two blockades continue?"}],[{"start":113,"text":"One argument often marshalled to explain why markets are sanguine is that oil is no longer as important as it used to be. Global oil intensity — the amount of oil necessary to produce a certain amount of economic output — has improved dramatically over the decades. In 1973, the year of the first oil price shock, I calculate from industry sources that about 80 per cent of one barrel of oil was consumed per $1,000 of global GDP in 2025 prices — 131 litres, to be precise. In 1980, the year after the Iranian revolution, this was down to 116 litres. Last year, it was 52 litres."}],[{"start":154.4,"text":"The current level is still a lot, but the average oil burden is 60 per cent less than 50 years ago. If so much less oil is needed, real prices should have much more room to escalate before they cause the economic damage associated with previous disruptions."}],[{"start":170.8,"text":"A simple illustration of today’s diminished oil cost burden to the global economy is to adjust the nominal price of oil not only for inflation but also for the efficiency improvements. If one does, a hypothetical price of $115 per barrel today compares with an average price of $339 in 1980 in today’s dollars. By this measure, prices have plenty of runway before the oil burden resembles 1980."}],[{"start":198.5,"text":"Unfortunately, the improvements in oil intensity are a double-edged sword. Oil consumption today is more concentrated in high-value uses and in areas where there is no substitute, like road or air freight and maritime shipping. These are load-bearing economic activities, less price sensitive than discretionary or consumption-oriented drivers of growth. Once disrupted they are likely to cascade through the economy."}],[{"start":222.15,"text":"Traditionally, oil price increases translate into an economic recession via inflation and tighter monetary policies; or by affecting growth directly, through diminished purchasing power or by triggering fiscal and balance of payments constraints. It is mostly the average cost of oil that matters to these channels."}],[{"start":241.4,"text":"Today, price increases will hit the high-value use of oil which cannot be substituted. The cost then is the loss of economic activity and value creation, caused by shutting down a particular node. Oil concentrated in high-value uses is a little bit like rare earths, tiny compared with the size of GDP but essential for much of it. If the size of a supply disruption requires demand to come down and prices surge to the required level, the response will be sudden with a potentially unforeseen and disproportionate impact on economic activity."}],[{"start":278.85,"text":"Modern, wealthy and service-based economies do not have an escape hatch. With transport disruptions, their supply chains become vulnerable and disruptions unpredictable. The longer the two blockades continue, the more likely a crisis-like adjustment in the world’s leading economies, rather than the slow-growth recession we have been used to."}],[{"start":298.1,"text":"A theocracy like Iran can suppress economic pain. In a democracy, deliberately gambling away economic stability eventually means paying a political price."}],[{"start":314.55,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1777949858_3680.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

反弹的通胀与不耐烦的特朗普:凯文•沃什面临双重压力

美国参议院本周有望批准这位56岁的金融家接替杰伊•鲍威尔出任美联储主席。

伊朗战争推高燃气价格,印度工人纷纷逃离城市生活

伊朗战争推高了烹饪燃料价格,迫使印度许多务工人员返乡回村。

能源、军火与粮食:特朗普对伊战争日益沉重的代价

这场冲突正波及整个美国经济,造成了数千亿美元的产出损失。

肺纤维化生物科技公司Avalyn Pharma申请首次公开募股(IPO)

一家生物技术公司正开发可吸入剂型的已获批肺纤维化口服药,计划赴公开市场融资以支持其后期研发。
2天前

凯勒拉治疗学公司在生物技术领域创纪录的IPO中融资6.25亿美元

最新的生物科技公司首次公开募股创下历史新高。
2天前

法国将迎来最拥挤的大选角逐场:谁将取代马克龙?

左翼和中间阵营的分裂,助长了极右翼问鼎爱丽舍宫的希望。
设置字号×
最小
较小
默认
较大
最大
分享×