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UAE optimistic about crude price recovery
July 01, 2017
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ABU DHABI: The UAE has expected oil demand to pick up over the third and fourth quarters of 2017 despite the price fall by the end of Q2, expressing optimism over the impact of Opec’s recent decision to extend oil supply curb into 2018.

This came in statements by Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister for Energy, who added that there is no need to jump to conclusions before assessing market performance in Q3 and Q4.

The minister has affirmed the UAE’s commitment to the collective production cut, calling upon all parties concerned to abide by Opec’s decision until the market has recovered.

Meanwhile, Japan imported 19.262 million barrels of crude oil from the UAE in May 2017, data released by the Agency of Energy and Natural Resource in Tokyo showed.

This accounted for 22.3% of Japan’s total crude imports, the agency, which is part of Japan’s Ministry of Economy, Trade and Industry, said.

Saudi Arabia provided 34.859 million barrels, or 40.4% of the total, while Kuwait, Russia and Iran, provided 8%, 6.7%, 6.9% and 5.8% respectively.

Arab oil accounted for 66.833 or 77.5%, of Japan’s petroleum needs in May, the agency added.

Copper retreated from a three-month high on Friday, pressured by a firmer dollar and a rise in inventories, offsetting better than expected factory growth in top metals consumer China.

China’s factories grew at the quickest pace in three months in June, buoyed by strong new orders in a sign of stabilising growth, though analysts expect a further slowdown in the world’s second-biggest economy is inevitable as Beijing cracks down on debt risks.

But that news, which supported prices during Asian trading, was countered during European activity.

“We also had the dollar rebounding a little bit, especially against the euro and that is causing some headwinds for the metals,” said analyst Carsten Menke at Julius Baer in Zurich.

“I still see the copper market as rather loose, not as tight as some other analysts see it. From that perspective I think that lower prices, that is below $5,500, would be justified.”

WAM/ Agencies

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