Chinese domestic oil production numbers continue to fall
|It might just be an up week for crude oil but in modest volume and on, to be frank, fairly skinny reasons. After all, who on earth is still believing the old line, especially when coming from the KSA, that ‘we will have a special Opec meeting to discuss current low oil prices’? It goes with ‘the cheque’s in the post’ and other such lines that don’t carry any weight. The market grabbed at it though and conveniently forgot the Saudi July production number of 10.67m b/d which is clearly just a net export figure plus domestic demand, higher than usual this year due to a very hot summer.
Elsewhere the Chinese domestic oil production numbers continue to fall, July was down 8.1% y/y at 3.94m b/d due to uneconomic fields at these prices and exhaustion. Elsewhere the IEA valiantly tried to remain fairly bullish by expecting a ‘healthy’ stock draw in the third quarter but also sees a fall in demand again next year.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.