OPEC trimmed estimates for supplies from outside the group in 2016 as the slump in prices takes its toll on the U.S. shale-oil industry. OPEC cut 2016 estimates for non-OPEC output by 110,000 barrels a day. Still, the group sees non-OPEC supply expanding slightly next year, while the IEA predicted a contraction. Source: Bloomberg
Russia’s Gazprom will start gas supplies to China from Dec. 1, a month earlier than planned, the gas producer said on Friday. Deliveries of gas to China via the Power of Siberia pipeline were due to begin at the end of December 2019, but the project is only expected to reach full capacity in 2025. Source: Reuters
Two days of U.S.-Chinese trade talks ended with no specific details about whether progress was made or not Friday, but Treasury Secretary Steven Mnuchin called them “productive” on Twitter. Source: WLOX
- In new official data out of China, both the Producer Price Index and Consumer Price Index inflation came in weaker than expected for January.
- The data comes amid a new round of U.S.-China talks in Beijing this week as the world’s two largest economies renewed efforts to reach a deal to defuse trade tensions
