China's Oil Imports: "China going from 12 to 7 million barrels a day of oil imports is completely unsustainable." "China reducing their oil imports by anywhere from 4 to 6 million barrels a day is as big a factor as any for why the crude price has stayed at a high level, but not $150 to $200 a barrel." "I don't believe they were just voluntarily buying 12 million barrels a day. Some of that was for strategic builds - but they absolutely have to be drawing down at least some of those builds." "I suspect they'll look to replace it, perhaps in a future down cycle. That's one of the things that cushions the downside - you will see Chinese and global SPR builds, especially if oil was to pull back to $50 or $60." •Veriten Partner
“호르무즈와 이란 때문에 공급이 이렇게 망가졌는데도 Brent가 $150~200까지 안 간 가장 큰 이유 중 하나가 중국이다.”