The Organization of the Petroleum Exporting Countries (OPEC) has lowered its forecast for crude demand from China to 310,000 barrels per day for next year, down from 410,000.
Despite the negative reaction to the announcements of stimulus measures in China, OPEC remains optimistic that these support packages will benefit the economy in the medium term.
Concerns about the future of the Chinese economy are heightened by mixed signals regarding the effectiveness of support packages and the implications of the trade war.
The recent decline in oil prices is attributed to OPEC's reduced growth expectations for crude demand and broader economic concerns, including weakened refinery activity.
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