Excess Supply Is a Bigger Worry Than Demand for Oil Traders
The world’s appetite for crude looks to be flagging, but a looming wave of new production poses a greater concern at this week’s Singapore conference.
An offshore drilling platform near Saudi Arabia. The OPEC+ alliance plans to restart halted production despite faltering demand.
Photographer: Simon Dawson/BloombergWelcome to our guide to the energy and commodities powering the global economy. Today, Asia oil team leader Serene Cheong checks the pulse of the global oil world at a major Singapore conference. To get this newsletter sent straight to your inbox, you can sign up here.
Crude’s rapid descent during the past few weeks meant that bulls were pretty thin on the ground at Asia’s premiere oil gathering in Singapore this week.