#China, the world’s top #oil importer, is set to start 2019 buying little or no crude from the #UnitedStates despite a three-month truce in a trade scrap between the two nations, with relatively high freight costs and political uncertainty choking demand. That muted appetite means the United States, which became the world’s top oil producer this year as its #shale output hit record levels, will continue to hold only a sliver of China’s market even as a wave of new refining capacity starts up there. It also suggests that China is unlikely to use #crude purchases to help plug a widening trade gap with the United States, which remains a core source of tensions between the world’s top two economies.


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Crude refusal: China shuns U.S. oil despite trade war truce
https://www.reuters.com/article/us-usa-trade-china-oil/crude-refusal-china-shuns-u-s-oil-despite-trade-war-truce-idUSKCN1OK0FG

#Oil prices extended this week's sell-off on Friday (Dec 21), posting the worst weekly performance in nearly 3 years, as global oversupply kept buyers away from the market ahead of the long festive break. U.S. #WestTexasIntermediate crude oil ended Friday's session down 29 cents at $45.59, the lowest closing price since January 2016. #WTI earlier fell to $45.13, its lowest intraday price since mid-July 2017. #Brent #crude was down 40 cents at $53.95 per barrel, bouncing from the session's 15½-month low at $52.79. Brent was on pace for a decline of more than 10% for the week.


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US crude ends the week down 11% at $45.59 for worst performance since January 2016
https://www.cnbc.com/2018/12/21/oil-markets-opec-output-cuts-in-focus.html

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#OPEC is reportedly planning to release a table detailing voluntary supply cut quotas among its members and allies as the influential #oil cartel steps up its efforts to put a halt to one of the biggest oil price falls in years. OPEC Secretary General Mohammad Barkindo said to reach the proposed cut of 1.2 million barrels per day (bpd), the effective reduction for member countries would need to be 3.02%. That is higher than the initially discussed 2.5% discussed earlier this month.

OPEC and allied non-OPEC oil producers including #Russia agreed at the start of December to curb output by 1.2 million bpd. That's equivalent to more than 1% of global demand, in a bid to drain tanks and boost prices. The 15-member organization said it would reduce its output by 800,000 bpd, while Russia and the allied non-OPEC producers will contribute a 400,000 bpd reduction.


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OPEC reportedly set to publish production cut quotas to boost falling oil prices
https://www.cnbc.com/2018/12/20/oil-prices-opec-reportedly-set-to-publish-production-cut-quotas.html

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