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China creates two-tier oil dynamic
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
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A brutally honest picture about the potential role of oil and gas in 2050 should prompt policymakers to not only reflect but also change course to meet vital energy needs
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China is the world’s largest crude buyer
China Markets
Shi Weijun
Shanghai
21 April 2023
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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

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