In a bullish appraisal of commodity prices, Schlumberger Ltd. (SLB) Chief Executive Andrew Gould Friday faulted the market for giving too much weight to falling Chinese oil demand and not enough to the weakness of non- OPEC oil supply.
Gould, responding to a question on a conference call with analysts, said the demand drop in China is of comparatively little concern next to the wanting performance of non-OPEC supply, which lags the among projected by the International Energy Agency, the energy watchdog for the U.S. and other industrialized countries.
"No one seems to have focused on the supplier and what is really interesting is if you look at the supply numbers for the first half-year, the non-OPEC supply is about 1.2 million barrels a day below what the IEA currently has in their forecasts," Gould said.
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In a bullish appraisal of commodity prices, Schlumberger Ltd. (SLB) Chief Executive Andrew Gould Friday faulted the market for giving too much weight to falling Chinese oil demand and not enough to the weakness of non- OPEC oil supply.