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☆ India's accelerating growth can fill the global commodity demand gap left by a slowing China
▼ + stars: | 2023-07-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Rashtrapati Bhavan, the official residence of the President of India, in New Delhi. China's growth slowdown is set to hurt global commodity demand, but India could make up for some of that shortfall, according to ANZ. India's economic growth is likely to outpace China's, with the South Asian nation set to become the third-largest economy by the end of this decade, the bank predicted. That means India's demand for commodities will likely surge, and it could cover more than half of China's demand shortfall especially in the energy sector, the bank said in a recent report. "India's demand for commodities is slated to grow rapidly, supported by favorable demographics, urbanization, the expansion of manufacturing and exports and the build-up of infrastructure," ANZ analysts wrote.

Persons: Rashtrapati Organizations: Rashtrapati Bhavan, ANZ, South Locations: India, New Delhi, China

☆ Asia-Pacific markets fall after Fed hikes rates to 22-year high
▼ + stars: | 2023-07-27 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

The ICC International Commerce Centre, and Hong Kong's brand new museum of visual culture, Victoria harbor, Hong Kong, China. Asia-Pacific shares fell Thursday after the U.S. Federal Reserve raised rates to their highest level in more than 22 years while leaving the door open for further tightening. Japan's Nikkei 225 dipped 0.32% during its first hour of trade. Hong Kong's Hang Seng index is poised to dip, with futures at 19,541 compared to the benchmark's close of 19,365.14. The Hong Kong Monetary Authority on Thursday raised its base rate by 25 basis points.

Organizations: ICC International Commerce Centre, U.S . Federal, Nikkei, Hong, Hong Kong Monetary Authority Locations: Victoria, Hong Kong, China, Asia, Pacific, South Korea, Australia

A critical system of ocean currents could collapse much sooner than expected as a result of the deepening climate emergency, according to the findings of a new study, potentially wreaking havoc across the globe. The AMOC acts like a conveyor belt of currents carrying warm waters from north to south and back in a long and relatively slow cycle within the Atlantic Ocean. The circulation also carries nutrients necessary to sustain ocean life. For one, the NOAA says England would have a "much colder climate" if not for the warm waters of the Gulf Stream. The projected collapse of the AMOC is seen as a "major concern" because it is recognized as one of the most important tipping elements in the Earth's climate system.

Organizations: Nature Communications, National Oceanic, Atmospheric Administration, NOAA Locations: Europe, Florida, England

☆ Moody's sees 'significant risk' besieging Israel's economy
▼ + stars: | 2023-07-26 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

Moody's Investors Service cautioned that "negative consequences" and a "significant risk" loom over Israel's economy, after the passage of a law that curtails the powers of the Supreme Court. The development has triggered mass protests, bringing tens of thousands of demonstrators into the streets earlier this week. The agency added that Israel's executive and legislative institutions have become "less predictable and more willing to create significant risks to economic and social stability." In a joint statement, Israel's Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich said that Moody's report "is a momentary reaction, when the dust settles it will become clear that Israel's economy is very strong." They added, "Israel's economy is based on solid foundations and will continue to grow under experienced leadership that leads a responsible economic policy," elaborating that the defense industries are "bursting with orders," and that the gas industry is increasing exports to Europe.

Persons: Moody, Viola, Israel, Benjamin Netanyahu, Bezalel Smotrich Organizations: Moody's, Service, Israel's, Finance Locations: Europe

☆ A 10-year rally in U.S. home prices could be coming to an end, says Yale's Robert Shiller
▼ + stars: | 2023-07-24 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

"The fear of interest rate increases has influenced people's thinking — it's not just the homeowners, it's new buyers who wanted to get in before the interest rates went up even more," says Robert Shiller, professor of economics at Yale University. A decade-long rally in U.S. home prices could finally come to an end once the Federal Reserve stops its rate-hiking cycle, said Robert Shiller, professor of economics at Yale University. Home prices have made steady gains since 2012, according to the S&P Case-Shiller U.S. National Home Price Index. "The fear of interest rate increases has influenced people's thinking — it's not just the homeowners, it's new buyers who wanted to get in before the interest rates went up even more," Shiller said. Shiller noted that the index reflected "unusual behavior" in the last six months, saying prices "seemed to be fine and then it started to go up."

Persons: — it's, Robert Shiller, Shiller, that's Organizations: Yale University, Federal Reserve, Yale University . Home, National Locations: U.S

☆ Goldman Sachs expects 'all time high' oil demand to spur large deficits, boosting prices
▼ + stars: | 2023-07-24 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

In this article GSBDGS Follow your favorite stocks CREATE FREE ACCOUNTOil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Andrey Rudakov | Bloomberg | Getty ImagesGoldman Sachs expects record demand in oil markets to drive crude prices higher in the near term. He added that the bank forecasts Brent crude to rise from just above $80 per barrel now to $86 per barrel by year-end. Global benchmark Brent futures traded 0.39% lower at $80.75 a barrel, while U.S. West Texas Intermediate futures stood 0.42% at $76.75 per barrel. That metric, which tallies the number of active oil rigs, is used as an indicator of drilling activity and future output.

Persons: Andrey Rudakov, Goldman Sachs, Daan Struyven, CNBC's, Struyven Organizations: Rosneft Oil, Bloomberg, Getty, Brent, U.S, West Texas Locations: Tuapse, Russia

☆ India's rice export ban could send decade-high prices spiking even further
▼ + stars: | 2023-07-21 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

India banned the exports of non-basmati white rice with immediate effect late Thursday, the latest in the government's effort to rein in high food prices. The Ministry of Consumer Affairs said the ban would help ensure "adequate availability" of non-basmati white rice in India, as well as "allay the rise in prices in the domestic market." India is the world's leading rice exporter, accounting for more than 40% of the global rice trade, as well as the second-largest producer after China. Analysts told CNBC this week's ban could send already elevated prices shooting even higher, compounding effects from the country's September ban on shipments of broken rice. Barre said Bangladesh and Nepal would be hardest hit by the ban, as both countries are top export destinations.

Persons: Eve Barre Organizations: Ministry of Consumer Affairs, Analysts, CNBC, Coface Locations: India, China, ASEAN, Barre, Bangladesh, Nepal

☆ Singapore’s passport is now the most powerful in the world. Here's how other countries ranked
▼ + stars: | 2023-07-19 | by ( Lee Ying Shan | Lisa Lucas | ) www.cnbc.com time to read: 1 min

Singapore has overtaken Japan to boast of the world's most powerful passport, the Henley Passport Index showed. What it means is that the Singapore passport allows holders visa-free entry to 192 destinations out of 227 in the world. Germany, Italy and Spain tied in second place, with their citizens being able to visit 190 global destinations. Japan, which topped the list last year, slipped to third place — its passport allowing visa-free access to 189 destinations, down from 193 in 2022. Other passports that tied with Japan to rank third place are Austria, Finland, France, Luxembourg, South Korea and Sweden.

Organizations: Singapore, International Air Transport Authority, Japan Locations: Singapore, Japan, Germany, Italy, Spain, Austria, Finland, France, Luxembourg, South Korea, Sweden

☆ Goldman Sachs cuts odds of a U.S. recession in the next year
▼ + stars: | 2023-07-18 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Skyline of lower Manhattan and One World Trade Center in New York City and the Water's Soul sculpture on July 11, 2023, in Jersey City, New Jersey. (Photo by Gary Hershorn/Getty Images)Goldman Sachs revised down the odds of a U.S. recession happening in the next 12 months, cutting the probability down to 20% from 25% on the back of positive economic activity. The investment bank's chief economist, Jan Hatzius, cited a slew of better-than-expected economic data in a research report released Monday. The chief economist cited resilient U.S. economic activity, saying second-quarter GDP growth was tracking at 2.3%. The rebound in consumer sentiment and unemployment levels falling to 3.6% in June also added to Goldman's optimism.

Persons: Gary Hershorn, Goldman Sachs, Jan Hatzius Organizations: Trade, Labor Department Locations: Manhattan, New York City, Jersey City , New Jersey, U.S

☆ India's reliance on Russian oil may be 'approaching a limit'
▼ + stars: | 2023-07-18 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

Dhiraj Singh | Bloomberg | Getty ImagesIndia's ability to import more Russian oil may have hit a limit for the rest of the year, analysts tell CNBC, citing infrastructural and political constraints, as well as limitations to Russian oil flows. Since the Kremlin's invasion of Ukraine in February last year, India's refiners have been snapping up discounted Russian oil. Moscow has since leapfrogged to become India's leading source of crude oil, accounting for about 40% of India's crude imports. June marked the 10th consecutive month-on-month increase in India's imports of Russian crude, data from commodity intelligence firm Kpler showed. And that's the highest volume that India's imports of Russian oil can go — at least for the rest of the year, according to his predictions.

Persons: Dhiraj Singh, Janiv Shah, India's, Kpler, Viktor Katona, Daniel Hynes, Rystad Energy's Shah, Katona, Hynes, that's, Kpler's Organizations: Bharat Petroleum Corp, Bloomberg, Getty, CNBC, Rystad Energy, ANZ, India's Petroleum, International Energy Agency, Kpler Locations: Mumbai, India, Ukraine, Moscow, Russia, Asia, Kpler Russia

☆ Israel’s economy will see a recession next year as protests persist, says former central bank deputy governor
▼ + stars: | 2023-07-14 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Protesters attend a demonstration on Kaplan Street against the Israeli government’s plan to overhaul the justice system on July 11, 2023 in Tel Aviv, Israel. Fresh protests in Israel over a controversial judicial overhaul will deliver a significant slowdown to the country's economy, according to former central bank Deputy Governor Zvi Eckstein. It has also led to a "huge reduction" in investments in Israel's high technology sector, which is a linchpin of the Israeli economy, he said. "Most of the growth of the Israeli economy, about 40%, was generated by the high tech sector," said Eckstein, highlighting that there is currently an 80% decline in investment in the country's startup and growth companies. Israel's fintech sector, as well as enterprise IT, posted the biggest declines, plunging more than 80% year-on-year, the report also showed.

Persons: Zvi Eckstein, Eckstein, CNBC's, SNPI, Viola, Israel Organizations: Kaplan, Tiomkin School of Economics, Policy Institute Locations: Tel Aviv, Israel

☆ India's tomato prices surge over 300%, sparking theft and turmoil
▼ + stars: | 2023-07-13 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Tomato prices surged 366.86% from 26.76 rupees per kg at the start of the year to 108.92 rupees per kg as of July 11. India is facing a tomato crisis as prices have skyrocketed more than 300% due to extreme weather conditions. Tomato prices surged 341% year-to-date, from 24.68 rupees per kg to 108.92 rupees per kg as of July 11, data from the Department of Consumer Affairs showed. "Due to excess rainfall in these states, tomato [crops have] been highly affected… A large part of the tomato crop has been destroyed due to rains and flood," the council stated. Another popular Indian dish, the Andhra Tomato Kura (tomato curry) is also widely enjoyed by locals.

Persons: Damien Yeo Organizations: Department of Consumer Affairs, National, BMI, Fitch Solutions Locations: Kolkata, India, Andhra Pradesh, Maharashtra, Karnataka

☆ Sweden's path to NATO membership cleared after Turkey greenlights bid
▼ + stars: | 2023-07-11 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

Turkey's President Recep Tayyip Erdogan agreed to back Sweden's bid to join NATO, clearing the latter's pathway to become a part of the military alliance. "Completing Sweden's accession to NATO is a historic step that benefits the security of all NATO allies at this critical time. The move was swiftly criticized and threatened to derail Sweden's NATO membership bid. NATO said Sweden and Turkey have cooperated closely to address the latter's security concerns since last year's summit. NATO's expansion along Europe's eastern flank with Finland and Sweden's membership could also make the military alliance "much stronger," Courtney added.

Persons: Recep Tayyip Erdogan, Jens Stoltenberg, Erdogan, Joe Biden, Erdoğan, William Courtney, Courtney Organizations: NATO, Turkey, PKK, Kurdish Workers ' Party, U.S, RAND Locations: Vilnius, Lithuania, Turkey, Sweden, Finland, Syria, Sweden's, Ankara

☆ Goldman Sachs says India will overtake the U.S. to become the world's second-largest economy by 2075
▼ + stars: | 2023-07-10 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

Wolfgang Kaehler | Lightrocket | Getty ImagesIndia is poised to become the world's second-largest economy by 2075, leapfrogging not just Japan and Germany, but the U.S. too, says Goldman Sachs. "Over the next two decades, the dependency ratio of India will be one of the lowest among regional economies," said Goldman Sachs Research's India economist, Santanu Sengupta. Sengupta added that the key to drawing out the potential of India's rapidly growing population is to boost the participation of its labor force. The Achilles heel to the bank's projection is the labor force participation rate — and whether it increases at the rate which Goldman projects. "The labor force participation rate in India has declined over the last 15 years," the report noted, underlining that women's participation rate in the labor force is "significantly lower" than men's.

Persons: Taj, Wolfgang Kaehler, leapfrogging, Goldman Sachs, Santanu Sengupta, Sengupta, Goldman, Downside Organizations: Lightrocket, Getty, India, U.S, Tech, Employees, Bloomberg, Nurphoto Locations: Japan, Germany, U.S, India, China, Nasscom, Greater Noida, piecework, Nagaland, Nurphoto

☆ China's consumer-driven sectors are a 'sweet spot' and opportunity for investors, says KKR
▼ + stars: | 2023-07-10 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

From pet food to liquor and lighting fixtures, global investing firm KKR is putting its money behind a suite of consumer-driven sectors in China, departing from a singular focus on technology. And our core focus has really been around the sweet spot of what we think the market opportunity is — domestic consumption," KKR's co-CEO Joseph Bae told CNBC's "Squawk Box Asia." KKR also has an active presence in different parts of China, with offices in capital Beijing, Shanghai and Hong Kong. "We've invested in companies like the largest pet food company in China, the largest lighting fixtures company in China, retail pharmacy chains in China, domestic liquor and alcohol brands in China... All consumer driven," Bae elaborated. Last month, China's State Council proposed measures to boost the consumption of household products, without going into details.

Persons: KKR's, Joseph Bae, CNBC's, We've, Bae Organizations: KKR, China's Locations: China, Beijing, Shanghai, Hong Kong

☆ A global commodities rout is fueling fears of a bleak economic future
▼ + stars: | 2023-07-06 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Global commodities have seen a more than 20% slump compared to the same period last year, as reflected by the S&P GSCI Commodities index. Prices of commodities like crude oil and iron ore have been sliding this year, underlining a continuing economic rout across the globe and possible recession risks, market watchers told CNBC. Global commodities have seen a more than 25% slump over the last 12 months as reflected by the S&P GSCI Commodities index — a benchmark measuring the wider performance of various commodity markets. But the overall slide for the index is likely pointing to a global economic slowdown and a recession, analysts say, as China's Covid-19 rebound loses momentum. "It is my belief that this will flow through to a broader decline in economic activity, especially in the West," I'Anson added.

Persons: China's, Reid I'Anson, I'Anson Organizations: CNBC, Global Locations: U.S, Europe

☆ Turkey's inflation rate cools despite steep lira plunge
▼ + stars: | 2023-07-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Turkey's monthly inflation rate for June came in lower than expected, despite the continued collapse of the lira currency following the re-election of President Recep Tayyip Erdogan. Turkey's consumer price index rose 3.92% month-on-month, official data showed Wednesday. On a year-on-year basis, inflation rose 38.21%, also slightly lower than Reuters' forecasts of 39.47%. "The lira freefall starts to take its toll once again as it reignites cost pressures," he said. Ash added that the central bank will need to "work very hard to bring inflation meaningfully down from here."

Persons: Recep Tayyip Erdogan, Bartosz Sawicki, Timothy Ash, Ash Organizations: Reuters, CNBC

☆ Australia and Indonesia have signed a 'win-win' EV battery deal, analyst says
▼ + stars: | 2023-07-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Mining giants Australia and Indonesia have signed a "win-win" EV battery deal, said Sabrin Chowdhury, head of commodities analysis at BMI, a research unit of Fitch Solutions. Indonesian President Joko Widodo met his Australian counterpart Anthony Albanese on Tuesday during a three-day state visit to Australia. The two countries welcomed "new commercial deals between Australian and Indonesian business across the health, mining and digital economy sectors," according to a government press release. "[Indonesia] has a major aim to develop its EV manufacturing industry. "Lithium and nickel together, they're very important parts of EV batteries.

Persons: Sabrin Chowdhury, Joko Widodo, Anthony Albanese, Chowdhury Organizations: Mining, EV, BMI, Fitch Solutions, CNBC Locations: Australia, Indonesia, Indonesian

☆ Mercedes' Toto Wolff shares his tips on leading a superstar team and 2 key values for long-term success
▼ + stars: | 2023-07-04 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

For me, the notion of control freak is: know everything that's going on, but not interfering in everything that's going on. Toto Wolff Team Principal of Mercedes F1"And when you win, have no sense of entitlement... Mercedes drivers Lewis Hamilton and George Russell currently stand in fourth and seventh in the drivers' rankings, respectively. Mercedes drivers Lewis Hamilton (R) and George Russell (L) currently take the fourth and seventh placing in the 2023 Driver Standing respectively. "So for me, the notion of control freak is: know everything that's going on, but not interfering in everything that's going on... and getting that balance right."

Persons: Toto Wolff, Eric Alonso, Wolff, Mercedes, Red Bull, Lewis Hamilton, George Russell, Red, Max Verstappen, It's, Peter Fox, Williams Organizations: Jeddah Corniche, Getty, Mercedes, Petronas F1 Team, Energy Asia, Petronas, Abu, Grand Prix, Anadolu Agency, Prix, of Russia, Sochi Autodrom, Hamilton Locations: Saudi Arabia, Jeddah, Jeddah Corniche Circuit, Malaysia's, Kuala Lumpur, Grand, Sochi, Russia

☆ Is India the next China? Analyst says he is 'very, very bullish' on one of them
▼ + stars: | 2023-07-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

India is not the new China, and the emerging superpower is marching to the beat of its own drum and could "enjoy some very high growth years," said Riedel Research Group. "Definitely prefer India over China," he continued. "China's economy [is] much larger but this is a notable shift as India has perennially underperformed China." Riedel also maintained that India is a "very different country" from what China is today and ever was. "The whole mutual fund business, the private sector banking business ... they really have a decade of growth ahead of them."

Persons: David Riedel, Riedel, Morgan Stanley, Manish Chokhani, CNBC's Organizations: Research, CNBC, P Global, Enam Holdings Locations: Mumbai, India, China, Japan, Germany

☆ Oil and gas will continue to power the world for decades to come, big oil firms say
▼ + stars: | 2023-06-30 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

"We think the biggest realization that should come out of this conference ... is oil and gas are needed for decades to come," said John Hess, CEO of U.S. oil company Hess Corporation. A.S. Sahney Executive Director of Indian Oil CorporationHess said oil and gas are key to the world's economic competitiveness, as well as an affordable and secure energy transition. "The world is facing a structural deficit in energy supply, in oil and gas, in clean energy," he said. "That shows our belief in [the] continuance of fuel," the executive director said, acknowledging that energy transition is here to stay. Oil demand an 'ancient story'Commodities trading firm Vitol is less bullish, predicting that demand for crude will peak in 2030 — two years later than the IEA's forecast.

Persons: John Hess, Hess, Indian Oil Corporation Hess, Haitham Al Ghais, Erin McGrath, Dan Yergin, TotalEnergies, Patrick Pouyanne, Amin Nasser, Russell Hardy, Russia's Organizations: Barcroft Media, Getty, Energy Asia, Hess Corporation, International Energy Agency, Sahney, Indian Oil Corporation, OPEC's, Hess Corp, Energy Asia Summit, Bloomberg, ExxonMobil, CNBC, U.S, Commodities, EV Locations: Lake, China's Jiangsu, Malaysia's, Kuala Lumpur, India, A.S, Malaysia, Asia, Africa, America, Europe, China, Korea, Japan, Vietnam, Saudi Arabia's, Aramco

☆ Asian chip stocks rally after Micron's bullish forecast signals easing supply glut
▼ + stars: | 2023-06-29 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

The U.S. chipmaker reported third quarter earnings that beat estimates, thanks to higher demand for its memory chips driven by the booming A.I. Shares of Asian chipmakers rallied on Thursday after Micron Technology 's bullish outlook overnight, which indicated the sector's supply glut may finally be easing. "We have increased confidence that the industry has passed the bottom for quarterly revenue and year-on-year revenue growth," Mehrotra added. is driving higher-than-expected industry demand for memory and storage for A.I. servers, while traditional server demand for mainstream data center applications continues to be lackluster," Micron's statement said.

Persons: Sanjay Mehrotra, chipmaker, chipmakers, Mehrotra, Patrick Moorhead, CNBC's Organizations: Micron Technology Inc, Micron Technology, Micron, Reuters Locations: Boise , Idaho, U.S, Refinitiv

☆ Asia markets set to rise as Fed hints of more rate hikes ahead
▼ + stars: | 2023-06-29 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

Asia-Pacific shares are set to rise Thursday, as investors continue to parse comments from Federal Reserve Chair Jerome Powell who indicated there could be multiple rate hikes ahead. The Nikkei futures contract in Chicago was at 33,360 while its counterpart in Osaka was at 33,230. Both are higher compared to the Nikkei 225's last close at 33,193.99. Markets in Singapore, Indonesia and Malaysia are closed for the holidays.

Persons: Jerome Powell Organizations: Federal, Nikkei Locations: Asia, Chicago, Osaka, Singapore, Indonesia, Malaysia

☆ Asia must reach net zero before the world can do so, says Petronas CEO
▼ + stars: | 2023-06-28 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

Petronas sign against the backdrop of the Twin Towers. Goh Seng Chong | Bloomberg | Getty ImagesAsia needs to achieve net zero before the world can do so, according to the CEO of Malaysia's state-owned oil and gas company Petronas. "The bulk of the emissions [that] are expected to emit will be produced in Asia going forward," Tengku Muhammad Taufik told CNBC's JP Ong Tuesday on the sidelines of the Energy Asia in Kuala Lumpur, Malaysia. "The world cannot achieve net zero without Asia achieving net zero," Taufik pointed out during the opening address of summit. Asia will represent half of global GDP by 2040, as well as 40% of global consumption, he added.

Persons: Goh Seng Chong, Tengku Muhammad Taufik, CNBC's JP Ong, Taufik, idealists Organizations: Petronas, Bloomberg, Getty, Energy, International Energy Agency Locations: Asia, Malaysia's, Energy Asia, Kuala Lumpur, Malaysia, Paris

☆ Saudi Aramco looks to China and India to prop up oil markets
▼ + stars: | 2023-06-27 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

KUALA LUMPUR, Malaysia — Saudi Arabia's state-owned oil giant Aramco is bullish on oil markets for the rest of 2023 as demand from major importers China and India is expected to be strong despite an expected global downturn. His optimism comes even as the world's largest oil importer China is showing signs of stalling growth, prompting several cuts in the country's key lending rates. "Despite the recession risks in several OECD countries, the economies of developing countries, especially China and India, are driving oil demand growth of more than 2 million barrels per day this year," said Nasser. Once the broader global economy starts to recover, the industry's supply demand balances will likely tighten, he projected. "Although China is facing some economic headwinds, the transport and petrochemical sectors are still showing signs of demand growth," the CEO added.

Persons: Amin Nasser, Nasser Organizations: Energy Asia Locations: KUALA LUMPUR, Malaysia, Saudi Arabia's, Aramco, China, India, Malaysian, Kuala Lumpur

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