Sorry, China! You can’t tame oil like coal

Jakarta, CNBC Indonesia World oil prices moved up in trading this morning. If China’s ‘kick’ is effective in suppressing coal prices, this time the actions of President Xi Jinping’s government failed to stem the increase in the price of black gold.

On Tuesday (2/11/2021) at 06:51 WIB, the price of Brent oil was at US$ 84.71/barrel. Up 0.39% compared to the previous day.

While the light sweet type is priced at US $ 84.05/barrel. An increase of 0.57%.

Oil prices are still on an upward trend. In. last month, the prices of brent and light sweet rose 3.95% and 8.06%, respectively.

Like coal, China is also trying to keep oil prices down. Because China is one of the world’s biggest oil consumers.

In 2020, the US Energy Information Administration noted that China’s oil consumption was 13.89 million barrels per day. China is in second place, only slightly less than the United States (US).

Although Uncle Sam’s country is the largest oil consumer on Planet Earth, its production is adequate. Last year, US oil production reached 18.6 million barrels/day, the world’s number one.

Meanwhile, China’s oil production is ‘only’ 4.93 million barrels/day. So it’s only natural that China wants oil prices to go down because it concerns their national interests.

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