In terms of demand, the cartel projects it will increase from 93 million bpd last year to 99 million bpd by 2021, reaching 109 million bpd by 2040. Developing nations will lead demand growth (no surprise there), driven by the transportation sector. Source: OilPrice
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Airbus SE said it will almost halve production of its slow-selling A380 superjumbo, casting further doubt over the program’s future, while warning that engine glitches are still weighing on deliveries of the single-aisle A320 that’s due to become its largest-volume model. Source Bloomberg
Hungary has issued yuan-denominated “panda” bonds, targeted at the domestic Chinese market, for the value of RMB 1 bln with three-year maturity and a 4.85% coupon, the Government Debt Management Agency (ÁKK) said today, Hungarian news agency MTI reported. Source Budapest Business Journal
China has threatened to attack Vietnamese bases over gas drilling in the disputed waters of the South China Sea, according to diplomatic sources in Hanoi and the Asian oil industry. Source The Sidney Morning Herald