Crude oil prices struggle to break free from static shell!
China's Crude Imports The move of production cuts made by the OPEC+, branding it as a ' precautionary measure ' has not been successful in pushing the crude oil price up, apart from creating an understandable, initial stir in the markets at the beginning of the last week. The failure appears to be consistent with the latest forecast by the EIA, the US Energy Information Administration, that simply says in its latest report, the commodity is in surplus in the markets at present. The price movements in the crude oil markets, despite the cuts to be made in May and cuts already made by Russia, reflects the prevailing anxieties of the investors before dispensing their money; that means the global economic outlook is far from rosy, despite the fluctuating forecasts by the major, global lending institutions. The crude oil imports by China, for instance, according to the OPEC, has gone down in the Q1 in 2023 and in India, the imports from Russia has plateaued: Indian media says t
