• 3 days The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 33 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 2 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 4 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 16 hours "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days Demonising fossil fuels has caused major grid problem in Australia
  • 4 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 6 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 330 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 8 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Ross McCracken

Ross McCracken

Ross is an energy analyst, writer and consultant who was previously the Managing Editor of Platts Energy Economist

More Info

Oil Demand Destruction: A Trade War Reality

Chinese-US trade figures in August came in well below expectations illustrating the negative impact of the ongoing trade war. Chinese exports to the US in August were down 16%, while imports from the US dropped by 22%. Overall, Chinese exports fell 1% year on year, the biggest drop since June, when they slumped 1.3%.

However, Beijing and Washington have agreed to restart trade negotiations in early October with officials already attempting to lay the groundwork.

The problem is we have been here before only to see the talks break down and the US escalate the war with new tariffs, against which China then retaliates. New talks are positive, but only if they produce a positive result.

Another problem is that time has taken its toll.

Already back in June, the World Bank revised down its forecast for global GDP growth to 2.6%, creeping back up to a still meager 2.7% in 2020 and 2.8% in 2021. In early September, BP chief financial officer Brian Gilvary forecast that global oil demand would rise by less than 1 million b/d this year as consumption slows.

In its latest Short-Term Energy Outlook, the US Energy Information Administration has also cut back its forecast for growth in global liquids consumption this year from 1.0 million b/d to 0.89 million b/d. Growth in 2020 is forecast at 1.4 million b/d. This has to be set against growth in non-OPEC supply of 2.18 million b/d in 2019 and 2.21 million b/d in 2020.

Weak demand undermines OPEC’s…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News