{"id":245457,"date":"2023-06-19T14:35:14","date_gmt":"2023-06-19T14:35:14","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=245457"},"modified":"2023-06-21T11:00:31","modified_gmt":"2023-06-21T11:00:31","slug":"oil-declines-on-concerns-over-chinas-economy","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/","title":{"rendered":"Oil Declines on Concerns over China\u2019s Economy"},"content":{"rendered":"<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bnreport.com\/en\/\"><strong>BNR<\/strong> <\/a>&#8211; Oil prices fell on Monday\u00a0as concerns about the Chinese economy going past\u00a0OPEC+ output reductions.<\/p>\n<p style=\"text-align: justify;\">By 0944 GMT, Brent crude had fallen 17 cents, or 0.2 per cent, to $76.44 per barrel. West Texas Intermediate (WTI) crude in the United States fell 31 cents, or 0.4 per cent, to $71.47. Last week, both contracts finished with gains of over 2 per cent.<\/p>\n<p style=\"text-align: justify;\">&#8220;(China&#8217;s) economy is navigating through powerful headwinds,&#8221; said PVM oil analyst Tamas Varga. &#8220;The property market has not healed from last year\u2019s slump.\u201d<\/p>\n<h3 style=\"text-align: justify;\"><strong>China Growth Uncertainties<\/strong><\/h3>\n<p style=\"text-align: justify;\">Several\u00a0large banks have reduced their forecasts for China&#8217;s GDP growth for this year. This came after\u00a0May data indicated that the globe&#8217;s second-biggest economy following COVID recovery was faltering.<\/p>\n<p style=\"text-align: justify;\">On Tuesday, China is\u00a0highly\u00a0projected to lower its benchmark loan rates. Last week, the country reduced medium-term policy loans in a similar manner in order to support an unstable economic recovery.<\/p>\n<p style=\"text-align: justify;\">According to sources, China will provide more motivation\u00a0to its slow\u00a0economy this year. Concerns about debt and capital flight, on the other hand, will keep the measures focused on consumers\u00a0and the\u00a0private sector.<\/p>\n<p style=\"text-align: justify;\">In May, China&#8217;s refinery output reached its second-highest level on record. This contributed to last week&#8217;s profits.<\/p>\n<p style=\"text-align: justify;\">Furthermore, for the first time since July 2020, US energy companies reduced the number of active oil and natural gas rigs for the seventh consecutive\u00a0week.<\/p>\n<p style=\"text-align: justify;\">The number of oil and gas rigs is a precursor of future production. It fell eight points to 687 in the week ending 16\u00a0June, the lowest overall since April 2022.<\/p>\n<h3 style=\"text-align: justify;\"><strong>Iranian Oil Exports<\/strong><\/h3>\n<p style=\"text-align: justify;\">The rise in Iran&#8217;s\u00a0oil exports weighed on prices as well. Despite US sanctions, Iran&#8217;s crude exports and oil production have reached all-time highs in 2023. This increased global supply at a time when other producers are restricting production.<\/p>\n<p style=\"text-align: justify;\">This month, the Organisation of Petroleum Exporting Countries (OPEC) and its allies, including Russia, agreed on a new oil production agreement.<\/p>\n<p style=\"text-align: justify;\">In addition, the group&#8217;s largest producer, Saudi Arabia, announced a significant reduction in output in July.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BNR &#8211; Oil prices fell on Monday\u00a0as concerns about the Chinese economy going past\u00a0OPEC+ output reductions. By 0944 GMT, Brent crude had fallen 17 cents, or 0.2 per cent, to $76.44 per barrel. West Texas Intermediate (WTI) crude in the United States fell 31 cents, or 0.4 per cent, to $71.47. Last week, both contracts [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":245458,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[128,11742,11408,278,702,11743,169,1140,1141,974],"class_list":["post-245457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-china","tag-china-growth","tag-crude","tag-featured","tag-iran","tag-natural-gas","tag-oil","tag-opec","tag-opec-2","tag-russia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oil Declines on Concerns over China\u2019s Economy - Business News Report<\/title>\n<meta name=\"description\" content=\"BNR - Oil prices fell on Monday\u00a0as concerns about the Chinese economy going past\u00a0OPEC+ production reductions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil Declines on Concerns over China\u2019s Economy - Business News Report\" \/>\n<meta property=\"og:description\" content=\"BNR - Oil prices fell on Monday\u00a0as concerns about the Chinese economy going past\u00a0OPEC+ production reductions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/\" \/>\n<meta property=\"og:site_name\" content=\"Business News Report\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Business-NewsReport-328225811095934\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-19T14:35:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-21T11:00:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bnreport.com\/wp-content\/uploads\/2023\/06\/oil-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"infopal11\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@BNReport\" \/>\n<meta name=\"twitter:site\" content=\"@BNReport\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"infopal11\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-declines-on-concerns-over-chinas-economy\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-declines-on-concerns-over-chinas-economy\\\/\"},\"author\":{\"name\":\"infopal11\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#\\\/schema\\\/person\\\/19d1c5a2dd7f60584a09de4a7805d68f\"},\"headline\":\"Oil Declines on Concerns over China\u2019s Economy\",\"datePublished\":\"2023-06-19T14:35:14+00:00\",\"dateModified\":\"2023-06-21T11:00:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-declines-on-concerns-over-chinas-economy\\\/\"},\"wordCount\":337,\"publisher\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-declines-on-concerns-over-chinas-economy\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/oil-scaled.jpg\",\"keywords\":[\"China\",\"china growth\",\"crude\",\"Featured\",\"Iran\",\"natural gas\",\"Oil\",\"OPEC\",\"OPEC+\",\"Russia\"],\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-declines-on-concerns-over-chinas-economy\\\/\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-declines-on-concerns-over-chinas-economy\\\/\",\"name\":\"Oil Declines on Concerns over China\u2019s Economy - Business News Report\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-declines-on-concerns-over-chinas-economy\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-declines-on-concerns-over-chinas-economy\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/oil-scaled.jpg\",\"datePublished\":\"2023-06-19T14:35:14+00:00\",\"dateModified\":\"2023-06-21T11:00:31+00:00\",\"description\":\"BNR - Oil prices fell on Monday\u00a0as concerns about the Chinese economy going past\u00a0OPEC+ production reductions.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-declines-on-concerns-over-chinas-economy\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-declines-on-concerns-over-chinas-economy\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-declines-on-concerns-over-chinas-economy\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/oil-scaled.jpg\",\"contentUrl\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/oil-scaled.jpg\",\"width\":2560,\"height\":1707,\"caption\":\"oil\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-declines-on-concerns-over-chinas-economy\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"\u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629\",\"item\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil Declines on Concerns over China\u2019s Economy\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/\",\"name\":\"Business News Report\",\"description\":\"Latest News on the World of Politics &amp; Business\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#organization\",\"name\":\"\u0628\u0632\u0646\u0633 \u0631\u064a\u0628\u0648\u0631\u062a \u0627\u0644\u0627\u062e\u0628\u0627\u0631\u064a\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/LOGO2.png\",\"contentUrl\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/LOGO2.png\",\"width\":200,\"height\":50,\"caption\":\"\u0628\u0632\u0646\u0633 \u0631\u064a\u0628\u0648\u0631\u062a \u0627\u0644\u0627\u062e\u0628\u0627\u0631\u064a\"},\"image\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/Business-NewsReport-328225811095934\\\/\",\"https:\\\/\\\/x.com\\\/BNReport\",\"https:\\\/\\\/www.instagram.com\\\/business.newsreport\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#\\\/schema\\\/person\\\/19d1c5a2dd7f60584a09de4a7805d68f\",\"name\":\"infopal11\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/author\\\/infopal11\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil Declines on Concerns over China\u2019s Economy - Business News Report","description":"BNR - Oil prices fell on Monday\u00a0as concerns about the Chinese economy going past\u00a0OPEC+ production reductions.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/","og_locale":"en_US","og_type":"article","og_title":"Oil Declines on Concerns over China\u2019s Economy - Business News Report","og_description":"BNR - Oil prices fell on Monday\u00a0as concerns about the Chinese economy going past\u00a0OPEC+ production reductions.","og_url":"https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/","og_site_name":"Business News Report","article_publisher":"https:\/\/www.facebook.com\/Business-NewsReport-328225811095934\/","article_published_time":"2023-06-19T14:35:14+00:00","article_modified_time":"2023-06-21T11:00:31+00:00","og_image":[{"width":2560,"height":1707,"url":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2023\/06\/oil-scaled.jpg","type":"image\/jpeg"}],"author":"infopal11","twitter_card":"summary_large_image","twitter_creator":"@BNReport","twitter_site":"@BNReport","twitter_misc":{"Written by":"infopal11","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/#article","isPartOf":{"@id":"https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/"},"author":{"name":"infopal11","@id":"https:\/\/www.bnreport.com\/en\/#\/schema\/person\/19d1c5a2dd7f60584a09de4a7805d68f"},"headline":"Oil Declines on Concerns over China\u2019s Economy","datePublished":"2023-06-19T14:35:14+00:00","dateModified":"2023-06-21T11:00:31+00:00","mainEntityOfPage":{"@id":"https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/"},"wordCount":337,"publisher":{"@id":"https:\/\/www.bnreport.com\/en\/#organization"},"image":{"@id":"https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/#primaryimage"},"thumbnailUrl":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2023\/06\/oil-scaled.jpg","keywords":["China","china growth","crude","Featured","Iran","natural gas","Oil","OPEC","OPEC+","Russia"],"articleSection":["Business"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/","url":"https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/","name":"Oil Declines on Concerns over China\u2019s Economy - Business News Report","isPartOf":{"@id":"https:\/\/www.bnreport.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/#primaryimage"},"image":{"@id":"https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/#primaryimage"},"thumbnailUrl":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2023\/06\/oil-scaled.jpg","datePublished":"2023-06-19T14:35:14+00:00","dateModified":"2023-06-21T11:00:31+00:00","description":"BNR - Oil prices fell on Monday\u00a0as concerns about the Chinese economy going past\u00a0OPEC+ production reductions.","breadcrumb":{"@id":"https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/#primaryimage","url":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2023\/06\/oil-scaled.jpg","contentUrl":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2023\/06\/oil-scaled.jpg","width":2560,"height":1707,"caption":"oil"},{"@type":"BreadcrumbList","@id":"https:\/\/www.bnreport.com\/en\/oil-declines-on-concerns-over-chinas-economy\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"\u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629","item":"https:\/\/www.bnreport.com\/en\/"},{"@type":"ListItem","position":2,"name":"Oil Declines on Concerns over China\u2019s Economy"}]},{"@type":"WebSite","@id":"https:\/\/www.bnreport.com\/en\/#website","url":"https:\/\/www.bnreport.com\/en\/","name":"Business News Report","description":"Latest News on the World of Politics &amp; Business","publisher":{"@id":"https:\/\/www.bnreport.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.bnreport.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.bnreport.com\/en\/#organization","name":"\u0628\u0632\u0646\u0633 \u0631\u064a\u0628\u0648\u0631\u062a \u0627\u0644\u0627\u062e\u0628\u0627\u0631\u064a","url":"https:\/\/www.bnreport.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.bnreport.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2020\/12\/LOGO2.png","contentUrl":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2020\/12\/LOGO2.png","width":200,"height":50,"caption":"\u0628\u0632\u0646\u0633 \u0631\u064a\u0628\u0648\u0631\u062a \u0627\u0644\u0627\u062e\u0628\u0627\u0631\u064a"},"image":{"@id":"https:\/\/www.bnreport.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Business-NewsReport-328225811095934\/","https:\/\/x.com\/BNReport","https:\/\/www.instagram.com\/business.newsreport"]},{"@type":"Person","@id":"https:\/\/www.bnreport.com\/en\/#\/schema\/person\/19d1c5a2dd7f60584a09de4a7805d68f","name":"infopal11","url":"https:\/\/www.bnreport.com\/en\/author\/infopal11\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/posts\/245457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/comments?post=245457"}],"version-history":[{"count":1,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/posts\/245457\/revisions"}],"predecessor-version":[{"id":245460,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/posts\/245457\/revisions\/245460"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/media\/245458"}],"wp:attachment":[{"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/media?parent=245457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/categories?post=245457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/tags?post=245457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}