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(Bloomberg) The outlook for oil prices, crude demand in top importer China, and the longevity of OPEC+ supply cuts are set to be among the key topics at Asia’s biggest gathering of the industry’s traders and executives, which kicked off in Singapore on Monday.Most Read from BloombergDiamond Prices Are in Free Fall in One Key Corner of the MarketMercedes Bets on Range Boost in Swipe at Tesla’s EV LeadershipZelenskiy Says He’s Removing Ukraine Defense Chief in RevampBurning Man Death Under Prob ....
Surging U.S. crude exports in 2023 are pushing down oil prices in Europe and Asia, proving a key source of supply as producers cut output and sanctions on Russian crude disrupt trade flows. The introduction in June of U.S. crude grade WTI Midland to set the price of the dated Brent benchmark assessed by S&P Global Commodity Insights has not only spurred the rising exports but also helped to cap Brent and the European, African, Brazilian and Asian oil that are priced off the benchmark, traders and analysts said. U.S. crude exports are also easing the loss of supply after Saudi Arabia deepened output cuts from July, above what major producers agreed to in June. ....
There's a big winner in the record heat waves baking the United States, China and other countries - fossil fuels. The United States is setting records for natural gas consumption this week at the power plants that keep the nation's air conditioners humming, according to estimates from S&P Global Commodity Insights. In China, power plants are burning more coal to keep up with electricity needs, helping to feed a record-pace in demand this year for the world's largest source of carbon dioxide, the ....