- Oil is trading higher again today amid ECB rate cut and lower US production
- The European Central Bank cut deposit rates by 25bps, in line with economist expectations
- About 670 MBbl/d of oil production has been shut-in in the Gulf of Mexico as Hurricane Francine impacts the region
- IEA sees oil demand growth at the lowest level since Covid (BBG)
- Driven by the cooling Chinese economy, oil demand growth has slumped, with consumption only increasing by 0.8 MMBbl/d in the first half of the year
- Global oil demand is now forecasted to rise by 0.9 MMBbl/d in 2024, down 7.2% from the IEA’s previous forecast
- Chinese demand is now expected to grow by 0.18 MMBbl/d in 2024, reduced from the 0.41 MMBbl/d forecast in July due to economic slowdown hindering diesel demand, more EV adoption, and high-speed rail development limiting air travel
- The IEA left its 2025 growth forecast at 0.95 MMBbl/d, warning of potential oversupply if OPEC+ reverses its output cuts as planned
- Eni to cut refinery rates as margins fall (BBG)
- The Italian refiner will be curbing throughput at its refineries due to weak margins
- Run rates will be reduced by as much as 10% in some locations
- A spokesperson said, “We are implementing measures to mitigate the reduction of refining margins, but we do not comment on rumors regarding details”
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