China is swing factor in diesel’s global squeeze | |
Vladimir Putin is flexing his diesel muscles, but Xi Jinping’s look bigger. The Russian president’s recent decision to ban diesel exports is one of the reasons why prices of the industrial and heating fuel could go higher after soaring 30% since the end of June. As demand enters peak season, Xi’s ability to dictate how much Chinese oil companies export looks like the key swing factor. Globally, demand for diesel and gasoil is around 28 million barrels per day (bpd), according to the International Energy Agency. Even before Putin’s intervention, the market was tight. Saudi Arabia’s crude production cuts curbed the medium sour supply of the commodity used to make diesel. A hot summer and refinery outages in the U.S. and elsewhere reduced refining capacity around the world too. Stocks in major consuming regions from the U.S. to Singapore were severely depleted in August, and sit below their 10-year season averages. And while crude prices have fallen back to $85 a barrel since exceeding $96 a barrel in late September, as traders fret that higher borrowing costs might hit economic growth, El Niño may see a colder Northern Hemisphere winter push diesel demand even higher. Get More Info : https://www.seaandjob.com/china-is-swing-factor-in-diesels-global-squeeze/ SEA LINE GROUP DILKAP CENTRE, 501, SAKINAKA - KURLA ROAD, NEXT TO AAKRUTI RESIDENCY, SAKINAKA, ANDHERI (EAST),MUMBAI-400072 Tel : +91-22-28505051 / 28505052 / 8655075186 / 8655012282 Email : roni@seajob.net URL : www.seajob.net | |
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| Target State: All States Target City : MUMBAI Last Update : Oct 06, 2023 3:47 AM Number of Views: 34 | Item Owner : Roni Abraham Contact Email: Contact Phone: +91-22-28505051 |
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