China setting the world’s oil price ?
Posted by Big Gav in china, goldman sachs, iea, oil price
The FT has a post pointing to a Goldman Sachs report on the oil market, noting the drop in US demand has been entirely offset by a rise in Chinese demand - China, setting the world’s oil prices .
They also point to a report from the IEA, pointing out that some Saudi Aramco grades are no longer available to European customers, "in favour of Asian markets and domestic power consumption".
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