- Bessent said oil could fall to $40 a barrel after the Iran conflict ends, with oversupply also pushing bond yields lower.
- Rosneft CEO Igor Sechin said China has displaced OPEC as the oil market’s key swing buyer after cutting crude imports and building large stockpiles.
Quotes
“We’re going to get on the other side of this Iran conflict, and I expect that oil will come down”
“China has successfully turned from a major consumer and importer into an active market leader”
“China took the initiative out from OPEC this year and without joining any cartels, it has managed to stabilize the global market by slashing its crude oil imports by about 5.5 million barrels per day (bpd)”