Global crude oil demand growth is now hostage to China, India: Russell

Discussion in the crude oil market is degenerating into a single “will they or won’t they” focus on whether the Organization of the Petroleum Exporting Countries (OPEC) will ease their output restrictions next week.

While the meeting in Vienna on June 22 will undoubtedly heavily influence the direction of short-term crude prices, the market’s focus solely on supply could be viewed as somewhat myopic.

Demand is probably the more important driver of the oil price over the longer term, and the simple truth is that the global market is effectively now hostage to just two countries…


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