China turns the taps off
Economic growth may be rebounding, but demand for Latin American crude remains minimal
Latin American oil producers have been bracing themselves for especially hard times ever since China shut down its economy due to Covid-19. The Asian giant is the world’s largest crude oil importer and a critical market for Latin America’s state oil firms, accounting for about 40pc of the region’s crude exports in 2018. The 41pc contraction to China’s first-quarter GDP, combined with the global oil price rout, is something of a worst-case scenario for the region’s producers. But China’s crude imports resumed relatively quickly in March as the country strategically boosted stockpiles amid signs of economic recovery. Volumes were up by 4.5pc year-on-year over the month even as the volume of oi
Also in this section
28 March 2024
The country’s largest gas field is a bright spot for the North Sea, boasting cleaner operations amid a changing mood in Europe over hydrocarbons
28 March 2024
Whether OPEC+ starts to unwind its oil production cuts from June will depend on heavily debated unfolding supply-demand balances
28 March 2024
As a gas supply shortfall looms, balancing regulatory flexibility with energy security and investor confidence will be critical
27 March 2024
Oil producers have to untangle the increasingly complicated relationship with their natural resources