Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC)declared Tuesday that the cartel “expects a China’s oil demand rises to 500,000 barrels a day this year“.
Featured Statements
“OPEC is cautiously optimistic about the world economy.”
“OPEC is waiting to see what happens after the New Year holidays in China.”
“China’s higher oil import quotas are a good sign.”
“OPEC is also watching for a possible slowdown in Europe and the US.”
“OPEC has to balance growth in Asia with slowdown in the West.”
“OPEC+ will do what is necessary to keep the oil market stable.”
“The OPEC now has a larger spare production capacity“.
Market reaction
Amidst the OPEC chief’s comments, the WTI price is reversing below the $80 zone, currently trading at $79.76. US oil gains at time of writing 0.80% on the day.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
