Affected by unfavorable economic data in the United States and Europe, and combined with the significant rise in the US crude oil inventories last week, the international oil prices fell sharply this week. As of the close of business on the 22nd of February, the price of New York crude oil futures closed at US$ 92.84 a barrel, down 4.3% over the same period of last year. Brent crude oil futures closed at US$ 113.53 a barrel, down 3.3% over the same period of last week.

The data show that the crude oil price changes in three key locations exceeded red upward adjustment line of 4% on the 15th of February. However, as of the 22nd of February, the National Development and Reform Commission had not announced the price adjustments. The analysts believe the reason is the Spring Festival travel season is not over yet. Expected price adjustment time will be delayed until after the Lantern Festival.
CNOOC's US$15.1 billion acquisition of Nixon has been approved by the U.S. Committee on Foreign Investment (CFIUS). At this point, the acquisition has entered the closing stages and the transaction is expected to be completed by the 25th of February.

The State Oceanic Administration announced on the 16th of February that after a series of corrective measures, the Penglai 19-3 oilfield has been restored to a normal state with normal operation conditions. The State Oceanic Administration agreed ConocoPhillips to gradually implement operative measures to resume production.

PetroChina Chairman Jiang Jiemin and General Manager Zhou Jiping held talks with the visiting President of Rosneft Sechin. The two sides conducted in-depth exchanges regarding upstream and downstream integration and cooperation, and crude oil trade expansion.

Recently, the country has been discussing raising the price of natural gas, by a margin of 0.2-0.5 yuan / cubic meter, with the biggest rise of up to 0.8 yuan / cubic meter. Discussion around natural gas price changes is expected to heat up after the two congresses and the third quarter may usher in the window period.