CLYDE RUSSELL: China helps to ease squeeze on fuel by taking its foot off the pedal
In addition it is buying at knocked-down prices from Russia and probably also Iran and Venezuela
23 August 2022 - 17:18
Launceston, Australia — China is inadvertently helping to ease tightness in the crude oil market through declining imports and by favouring cargoes from exporters being shunned by much of the rest of the world.
China, the world’s largest oil importer, seems set for another soft outcome in August, with Refinitiv Oil Research estimating arrivals of 8.33-million barrels per day (bpd). This would be below the official customs data figure of 8.79-million bpd in July and 8.72-million bpd in June...
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