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Crude Upside Ceiling at 90$/bbl on China Economic Weakness: Eurasia Group

OIL

China’s economic weakness is weighing on prices with an upside ceiling for crude of about 90$/bbl according to a report by Eurasia Group. The report suggests an even greater impact of China’s economic difficulties on oil markets next year with the country’s growth no longer supported by post-pandemic recovery.

  • Faltering Chinese growth may “test the market management strategy of OPEC+ and its commitment to higher prices.”
  • “A sizable decline in Chinese demand growth would be bearish for markets, and it would likely exert pressure on OPEC+ to deliver more cuts next year to keep prices in their current range.”
  • Saudi Arabia may be reluctant to contain its output below 9mbpd, and “this could set up a potentially bruising fight within the producers’ group should economic conditions in China depress prices even further.”
Energy BulletsCommodities
Energy BulletsCommodities

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