"We estimate that Brent could fall to roughly $50 per barrel in a moderate [U.S.] recession … We have a fairly benign view on the global economy," Struyven said during the conference.
en Luckock global head of oil at Trafigura"Things are slowing down.
Trading Giant Trafigura raised concerns about China's weak demand, and the global oil consumption tied to it.
China's slowdown has spurred some to scour for alternative oil demand drivers, with a few eyeing India as a potential candidate.
India is the third largest consumer of oil at around 5 million barrels of oil per day, 5% of the world's oil consumption.
Persons:
Andrey Rudakov, Goldman Sachs, Brent, Struyven, Torbjörn Törnqvist, Ben Luckock, we're, Bing Chen, Gunvor
Organizations:
Tuapsinsky, Rosneft Oil, Bloomberg, Getty, Global Commodities, Daan, CNBC, Global, Brent, U.S, West Texas
Locations:
Tuapse, Russia, China, U.S, Ukraine, India, Japan, Germany, Hong