Citi Analyst Ed Morse said that the factors that drag out the demand for oil in China, Europe, and the United States are putting heavy pressure on oil prices and limiting the increase in oil prices caused by OPEC+reduction of supply.
According to Bloomberg, Moos Monday (October 2) said in an interview with Bloomberg TV that the importance of China's oil market is almost equivalent to OPEC+, China is reducing purchaseExcessive crude oil and export more high -value refined oils.
Moos wrote in a report earlier on Monday that China ’s reduction of imports will offset the recent rise of crude oil and promote the excess of the oil market next year.The low end of the 70 dollars (about 96 yuan).
He said that China's current oil inventory can meet the needs of about 130 days, exceeding the global standards of about 90 days.
"They have really done it," Moos, who is the global director of Citigroup's commodity research.
Mools said that the increase in oil daily output of oil in Iran, Iraq, Libya, Nigeria and Venezuela will remain at about 1 million barrels, and both OPEC and International Energy (IEA) will underestimate these new supply.source.
Oil prices fell below $ 90 per barrel on Monday, because market concerns further interest rate hikes could lead to slowing the US economy.
