Protests over the restrictions erupted in the world’s biggest oil importer, dragging down commodities on fears of a slowdown.
Volatility will continue to accompany the markets in general and raw materials in particular. OPEC+ will meet on Sunday to decide its next production level as EU countries continue to negotiate their plans to reduce reliance on Russian oil. “The current sentiment is less optimistic,” Tamas Varga, an analyst at PVM Oil Associates, told Bloomberg.
The increase in restrictions in China coincides with the increase in supply in the US after the Government has granted the oil company Chevron the production of oil in Venezuela after the sanctions have interrupted all drilling activities three years ago. . The easing of sanctions on the Latin American country comes after Norwegian mediators announced the resumption of political talks between President Nicolás Maduro and the opposition.
Source: Ambito
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