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Oil market fluctuates sharply, causing germanium oxide price changes

wallpapers News 2020-03-24
On March 23, market analyst Nick Cunningham wrote that because the public health crisis continues and oil prices continue to face unprecedented headwinds, the oil giant is preparing to cut tens of billions of expenditures to survive the crisis. A Goldman Sachs report shows that the first round of spending cuts in the oil industry is now visible, but the second round of spending cuts is starting. Well-known energy consultancy JBC Energy warned that Brent Crude Oil could briefly return to $ 10 a barrel.
The slump in oil prices continued, with oil giants announcing cuts in spending. Royal Dutch Shell said it would cut spending by 20% on Monday, or about $ 5 billion, and suspend stock repurchase programs. French oil giant Total SA and Norwegian Equinor also announced similar moves.
ExxonMobil and Chevron also hinted at budget cuts, with Exxon facing particularly heavy pressure. Goldman Sachs estimates that Chevron needs oil prices of up to $ 50 per barrel to pay its expenses and dividends, while Exxon Mobil needs about $ 70.
A Goldman Sachs report shows that the first round of spending cuts in the oil industry is now visible, but the second round of spending cuts is starting. Goldman Sachs wrote in the report: "We expect U.S. oil production to decline by nearly 1.4 million barrels per day in the five quarters after the second quarter of 2020, mainly due to reduced drilling activity."
However, the budget revision did not end. As capital expenditure cuts become more pronounced, spending, drilling, and ultimately output declines may intensify.
Affected by the decline in the oil market, the market price of germanium oxide also fluctuated. Germanium oxide can be used as a catalyst for the conversion, dehydrogenation, and adjustment of gasoline fractions in petroleum refining.
"We have been supplying germanium oxide steadily, ensuring product quality, and guaranteeing stable supply prices," said Rachel, sales manager at Luoyang Trunnano.Please contact Rachel, Global Marketing Leader at Trunnano.
Email: rachel@ihpa.net

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