“The global oil market is over-supplied by over 500,000 barrels per day (bpd) and OPEC will take appropriate measures to balance it at its Dec. 14 meeting, the cartel’s acting secretary-general said on Saturday.
“We are going to study market developments, particularly changes in stocks and non-OPEC supply in the context of a cooling global economy, and come up with appropriate measures to balance the market,” he said.
On a related note, retail sales this Christmas season are considerably slower than last Christmas, according to my survey of 4 retailers I visited this weekend, including 3 at Fashion Valley Mall.
“It’s been real quiet. At this time last year, we would have had 3 cash registers open, with lines at each one.” (Only 1 register open, I was the only one paying)
“I wasn’t working here last year but my co-workers say that it’s slower this year. Not a little slower, but a lot slower.”
“We’re not as busy as we were at this time last year”.
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