Commodities Analysis by Barani Krishnan covering: Brent Oil Futures, Crude Oil WTI Futures, ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Bloomberg Crude Oil. Read Barani Krishnan's latest article on Investing.com
Iran sanctions enforcement likely tough on words onlyAt a journalism clinic I hosted in Asia some years back, one of my pleas was “don’t throw the entire kitchen sink at the story”.
"CPI inflation at zero indicates the deflationary pressure in China is still a real risk to the economy. The recovery of domestic demand is not strong, without a significant boost from fiscal support," said Zhiwei Zhang, chief economist at Pinpoint Asset Management."The damage from the property sector slowdown on consumer confidence continues to weigh on household demand."
The pledge by Saudi Aramco ran against the very grain of what Riyadh had been publicly telling global oil markets — that its priority was about keeping the market tight, not assuring that supplies were generously available whenever needed. OPEC, or the Organization of the Petroleum Exporting Countries in its latest report, stuck to its forecast that demand will rise by 2.25 million barrels daily next year. The difference between the two forecasts - 1.37 million bpd - is equivalent to more than 1% of daily world oil use.
As a result, Iranian crude output is estimated to have surged nearly 700,000 barrels a day this year – the second-largest source of incremental supply in 2023, behind only US shale oil. “These are funds that are sitting in Qatar that were made available purely for humanitarian purposes, and the funds have not been touched,” Yellen said, adding: “I wouldn’t take anything off the table in terms of future possible actions.”Record US Production, Exports That Defy Story of Falling Rigs
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