China: Gloomy Refinery Numbers from China Indicate Lower Demand
Iran :Traders are taking no chances on Monday and selling crude oil futures ahead of Iran’s decision to accept or reject the latest proposal from the European Union to revive the 2015 nuclear deal. An acceptance of the terms of the agreement would remove sanctions on Iranian oil exports, leading to an increase in global supply.
Saudi Arabia: Saudi Aramco said it is ready to ramp up output. The company stands ready to raise crude oil output to its maximum capacity of 12 million barrels per day (bpd) if requested to do so by the Saudi Arabian government.
Given the worries over demand from China and the possible increase in supply from Iran and Aramco, the bears are clearly in control at this time.
Iran :Traders are taking no chances on Monday and selling crude oil futures ahead of Iran’s decision to accept or reject the latest proposal from the European Union to revive the 2015 nuclear deal. An acceptance of the terms of the agreement would remove sanctions on Iranian oil exports, leading to an increase in global supply.
Saudi Arabia: Saudi Aramco said it is ready to ramp up output. The company stands ready to raise crude oil output to its maximum capacity of 12 million barrels per day (bpd) if requested to do so by the Saudi Arabian government.
Given the worries over demand from China and the possible increase in supply from Iran and Aramco, the bears are clearly in control at this time.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.