Last year the world used 1.3 million barrels.
This year they need 1.8 million BOPD.
Asian demand is pent up and increasing rapidly.
The Yuan denominated oil futures that were launched in China last year are no doubt designed to allow them to have a greater say in the global oil prices, however it is not a given that everyone is comfortable trading in Yuan, quantum shift maybe but the Chinese will not have as big a say as they would like until everyone is more comfortable trading on their exchange in their currency.
Add to My Watchlist
What is My Watchlist?
