Reported 4 months ago
As OPEC+ prepares to review global oil markets, China's oil demand outlook is darkening due to reduced processing rates by Chinese oil refiners amidst weakening factory strength and a housing market crash. This decline in demand is impacting crude purchases from Saudi Arabia and Russia, the leading OPEC+ producers. The group is expected to continue output cutbacks to stabilize prices, with China's slowdown potentially disrupting these efforts. Despite optimism from OPEC+ officials about oil demand in China and Asia, the global market faces oversupply challenges as prices decrease and competition intensifies from US exports.
Source: YAHOO