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09.09.26 - 11:27
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China′s Oil Scramble Sends African, Canadian, Latin American Crude Prices Soaring (ZeroHedge)
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China's Oil Scramble Sends African, Canadian, Latin American Crude Prices Soaring
China, the world's largest oil importer, is bidding up crude prices across Africa, Canada, and Latin American markets as disruptions in the Hormuz chokepoint and limited Iranian supplies intensify competition for alternatives. The scramble is squeezing smaller Chinese refineries that once relied on heavily discounted Iranian barrels, according to a new Bloomberg report.
The renewed Chinese buying marks a major shift from a period when subdued Chinese buying helped restrain crude oil prices. With Iranian exports almost entirely shut off by the US blockade and fighting flaring again, as seen Monday when Saudi Aramco's Jizan oil facilities were reportedly hit, the race to find replacement supplies around the world is becoming an increasingly expensive task for the Chinese.
Traders spoke with Bloomberg. Here's what they had to say:
The turnaround is producing spikes in the price of various grades. Congo's ...
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08.09.26 - 12:12
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Cowan: South Africa Has Yet to Turn Growth Corner (Bloomberg)
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David Cowan, Africa Economist at Citi Research, says South Africa has yet to turn the corner on growth, with the economy showing resilience rather than a strong acceleration. He also says Zimbabwe's recovery is benefiting from improved fiscal discipline, higher gold and lithium prices and stronger agricultural exports. Cowan discusses the challenges of de-dollarization, signs of renewed foreign investor interest and the importance of Zimbabwe getting its lithium policy right with Abeer Abu Omar on Horizons Middle East & Africa. (Source: Bloomberg)...
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