China’s appetite for oil has reached a fork in the road
With the conflict in the Middle East constraining OPEC’s influence on oil supply, changes in Chinese oil demand have become the “swing” factor in the global oil market. China probably could cut back on crude oil imports again, but the risk is that the recent rebound in import demand continues. The latter would put even more of the burden on demand in rest of the world to adjust, resulting in higher oil prices.
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