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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil slightly down on trade war and fears of economic slowdown

By A/S Global Risk Management.



Michael Poulson, Senior Oil Risk Manager at Global Risk Management. Image credit: A/S Global Risk Management


Updated on 20 Aug 2018 07:48 GMT

Friday's weekly oil rig count came out unchanged - 869 active oil rigs in the U.S. after an increase of 10 a week earlier.

Over the weekend, Iran and OPEC secretary-general met and after the meeting, Iranian comments were that OPEC should avoid politicizing the organisation and that no other OPEC oil producer should take over its share of oil exports. From November, Iran is facing U.S. crude oil sanctions as the country has allegedly not complied to the agreement with the U.S. and a row of other countries. Last month, Iran produced approximately 3.65 mio. barrels per day and is currently the third largest oil producer in OPEC. Two of the world's largest oil producers, Saudi Arabia and non-OPEC member Russia, remain confident that their investments in the industry will continue and commitment to meet future oil demand remain intact.

The U.S. and China are likely to meet to discuss the ongoing trade war this month.

On the economic data front, today sees no major news, but this week sees U.S. housing data along with U.S. central bank and ECB meeting minutes. From Friday, many of the world's central bankers will meet at Jackson Hole to discuss, among other things, inflation, productivity and other economic topics.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






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Coming up: oil rig count, US production data and meeting between US and China
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