China is the world’s largest crude buyer
Opec+ cuts jar with China’s strong buying signals
Beijing likely to be unfazed by move amid growing alliance with Saudi Arabia
April’s shock decision by Opec+ to voluntarily cut more oil production stands in stark contrast with evidence that China is fuelling its resurgent post-Covid economy. Tentative but compelling data showing China is stepping up imports, along with its strategic ties with Saudi Arabia, was not enough to stop the oil-producing alliance acting to shore up prices. Opec+, comprising the Saudi Arabia-led Opec and other producers such as Russia, announced a 1.66mn bl/d voluntary reduction that will take effect from May and add to the existing 2mn bl/d cut implemented last October. The magnitude and timing of the latest move—agreed outside the formal framework of the alliance on a weekend—caught globa
Also in this section
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
