Middle east feels the pinch on account of the slump in Asia’s oil demand

The crude oil benchmarks in the Middle East, Dubai and Oman, continued to fall this week as well, as demand in Asia slumps. The coronavirus has now claimed more victims, and more quickly, than the SARS outbreak in 2003. Oman and Dubai futures dropped for a third consecutive trading day, after falling to a nearly year-low last Thursday, due to […]

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OPEC says members in line with agreed crude output cuts; 2017 demand to remain healthy

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OPEC delivered more than 90 percent of pledged oil output curbs in January with production falling by 890,000 barrels a day, which means the cartel members have complied with their agreement. The Organization of Petroleum Exporting Countries said in its latest monthly report that production from OPEC members in January was 32.139 million barrels a […]

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China’s low GDP growth sends oil demand in the red

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China’s slowest GDP growth in 26 years has drastically reduced Asia’s biggest oil consuming nation’s requirement for industrial and transportation fuels. China’s oil demand slipped into the negative territory in 2016, a sharp reversal from the near 7% growth witnessed a year earlier. China does not release official data on oil demand and stocks. The […]

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