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。

Lex专栏:贸易阻滞让集装箱航运业获喘息之机

海上运输受阻以及陆路运输瓶颈,正将运价推高至远超行业盈亏平衡线的水平。

温水煮青蛙式的美国债务危机

不断上升的赤字和偿债成本似乎已不再具有让财政恢复审慎的力量。

巴西昔日石棉小镇期待稀土带来新活力

位于巴西腹地深处的小镇米纳苏,成为美国在稀土领域摆脱中国主导地位计划的关键部分。

Z世代用TikTok拯救父母的时装店

Z世代用TikTok等社交媒体为父母经营的时装店吸引年轻顾客,帮助其走出困境。

加拿大企业担心特朗普关税引发“下行压力漩涡”

美加贸易战再起,与美国有业务往来的加拿大企业承受痛苦,面临不确定性。

FT社评:美财政部干预债券市场只是权宜之计

贝森特在日元和长期债券方面的举措,只能暂时缓解问题,无法解决政策可信度不足和债务过高的问题。
设置字号×
最小
较小
默认
较大
最大
分享×