Analysts Say China’s Stockbuilding, OPEC+ Stability Providing Market Floor ...Middle East

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Analysts Say China’s Stockbuilding, OPEC+ Stability Providing Market Floor
Oil prices edged higher over the past week, after a bullish OPEC+ move while expanding strategic oil stocks in China have continued removing extra barrels from global markets, even though Thursday saw some paring of those gains on the Israel-Hamas ceasefire talks.  Previously, there was speculation that OPEC+ was considering accelerating the return of the April 2023 tranche of voluntary output cuts from 137 thousand barrels per day (kb/d), which would result in a 12-month process, to 500kb/d, which would remove the remaining tranche in just…

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