OPEC's Forecast on China's Demand Growth in Focus

Crude oil price retreated in European session. As the market awaits the OPEC’s monthly oil report, we expect the cartel would acknowledge that US’ imports of OPEC’s oil have continued to decline and a key reason to the situation is the rise in US production. Although OPEC remains contributing over 35% of the US crude imports, the amount has been on the fall steadily since the second half of 2008.

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OPEC's Forecast on China's Demand Growth in Focus