Excess demand or supply?

Thu 26 Jul 2018, 07:39 GMT

Excess demand or supply?

By A/S Global Risk Management.

Michael Poulson, Global Risk Management.

Image credit: Global Risk Management

Oil prices have come under pressure this month as a trade dispute between the United States and China, as well as other major economic blocs, have raised the possibility of slower economic growth and weaker global energy demand as higher tariffs will lower imports. Lower imports mean lower global production and hence, lower demand for oil.

Russia's oil production this year will increase to 11.02 a new 30-year high and up by around 3.5 million tonnes per year from previous expectations, Energy Minister Alexander Novak said on Wednesday. This is an increase from last years 30-year average annual high of 10.98 mbpd.

EIA inventory count showed a larger than expected draw Wednesday afternoon which pushed Brent from $73.60 to a high of $74.20. This comes on top of the API release where U.S. crude inventories allegedly fell by 3.2 million barrels in the week to July 20 to 407.6 million barrels.


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