Now its oil: China, BRICS and OPEC+ build new trading system, locking out US suppliers and banks [Video]

Inside China Business | September 27, 2024

China and Iran developed a comprehensive energy market, involving shadow fleets of tankers and a system of rebranding oil for domestic use, or for further export to other Asian countries. Russia has since joined, after sanctions were placed on oil producers and banks there. The result is a parallel economy that now totals millions of barrels per day in shipments to China by OPEC+ countries, and a sharp decline in global demand from Western suppliers. The implications for US and European oil suppliers are very negative, as global crude prices are now far below profit breakeven levels. Already, US oil majors are shelving oilfield development projects, and reducing active rig count. Resources and links: Barrons, BP Says Oil Demand Is Falling, While OPEC Says It’s Rising.

What Gives? https://www.barrons.com/articles/bp-s…

Rigzone, JP Morgan Talks Global Oil Demand https://www.rigzone.com/news/jp_morga…

S&P, Barclays lowers 2024 Brent oil price forecast to $93/b on demand concerns https://www.spglobal.com/commodityins…

Oil …