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Oil market poised for China showdown
China puts the strategic in SPR as it looks to utilise record oil storage
China pumps record crude despite economic headwinds
Record domestic production and high imports contrast with weak economic growth to raise the question of how much more crude China can store
East Asian LNG demand may not threaten Europe
Risks persist, particularly those related to weather, which could tighten gas availability for Europe
Gas jostles for vital role in China’s energy mix
The fuel has lost ground to coal and renewables but is seen as key to balancing needs for energy security with long-term efforts to decarbonise
Asia’s NOCs chart paths to decarbonisation
But none of the companies are poised to abandon oil and gas anytime soon
China’s LNG demand blunted for now
Pipeline imports and domestic production gains may limit LNG take, but Russia and Central Asia uncertainty could prompt buying activity
Rise of Brics challenges oil world order
The five economies are shaking up global markets, and they could be on the cusp of a major break from the existing order
Letter from China: Price controls squeeze gas suppliers
Incomplete price reforms pose problems for both upstream and downstream players and threaten further shortages
Low prices not luring Asian buyers back to LNG
Preferable nuclear and coal options suggest balanced Asian LNG market, at least over the summer
Opec+ cuts jar with China’s strong buying signals
Beijing likely to be unfazed by move amid growing alliance with Saudi Arabia
Shanghai
China Oil markets
Shi Weijun
Shanghai
2 February 2023
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Chinese energy demand gets back on track

The signs point towards a comeback in 2023, but uncertainty around Covid remains a factor

China’s energy markets look set for a year of reset and normalisation after a tumultuous 12 months of struggling to balance economic growth with Covid containment. And a surprisingly strong final quarter last year has generated optimism that the country’s reopening can support global oil demand. Chinese demand for oil declined by c.500,000bl/d, or 3pc, last year compared with 2021, representing the biggest annual drop since the 1980s. A rebound in the country’s appetite will likely be key for the global market in 2023, as Beijing’s abrupt abandonment of zero-Covid in December paves the way for a faster-than-expected reopening by the second quarter. With recession risks mounting for the US an

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