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Shell CEO Says Physical Oil Fundamentals Remain Strong

OIL

Shell CEO Wael Sawan said oil fundamentals remain strong with strong Chinese demand and low SPR levels.

  • China’s crude oil demand is almost back to 2019 levels, Sawan said.
  • SPR is at an historic low and the supply side is “petty tight”, he added.
  • In regard to the LNG market he said the prompt market is weak with elevated inventories in Europe and North Asia. He sees the market more bullish for 2H23 as Chinese demand pick up and operators will need to carry out maintenances.

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