Weak Chinese economic statistics raised fears about demand in the world’s largest crude importer, but Saudi Aramco’s CEO suggested the company was ready to increase supply.
Brent crude futures were down 89 cents, or 0.9%, to $97.26 a barrel at 0034 GMT, after falling 1.5% on Friday. The price of West Texas Intermediate crude in the United States was $91.27 a barrel, down 82 cents, or 0.9%, from the previous session.
China’s economy unexpectedly weakened in July, as refinery output fell to 12.53 million barrels per day, the lowest level since March 2020, according to government data.
‘The official data implies that oil demand is falling as domestic logistics and consumer demand are discouraged by record high oil pump prices,’ Heron Lin, an economist at Moody’s Analytics, said.
Saudi Aramco CEO Amin Nasser told reporters on Sunday that the company is ready to increase crude oil output to its maximum capacity of 12 million barrels per day (bpd) if the Saudi government requests it.
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