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Oil Futures Sneak Past the Report Card
When the Middle East tugs at the balance sheet, favour markets feel the tug‑of‑war—think Libya and Iraq in the spotlight.
Libya: A Quiet Quake
- Political drama turned production into a bustling dorm‑room—half the output pulled the plug.
- Exports? Turned “in” into … …out… for a while.
Iraq: The OPEC+ Come‑to‑School
- Planned a September cut to hit the prescribed quota.
- Result? A tighter global supply dial.
Stocks Skyrocket, but…
Prices climbed like a tourist on a hot back‑pack, yet a chill in demand—especially from China—could squash that surge.
China’s Two‑Faced Reality
- Exploration & production: shining with profits from Sinopec and PetroChina.
- Refining: woe, woe! Lower fuel demand, sluggish economy, diesel slump, and a push toward LNG trucks.
- Crude imports dipped 2.4% year‑over‑year in the first seven months of ’24.
US Stocks: A Mixed‑Bag Update
- Crude inventories fell, but not as much as expected—hinting at a gentle drop in demand.
- Market’s whisper: OPEC may keep cutting to keep the price rollercoaster tame.
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