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
25 July 2025
KRG, Iraq’s central government and Turkey are all working to get exports flowing from the key port, but complications remain
25 July 2025
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats