Chinese buyers have also been opportunistic. Although car, freight and plane travel dropped in the first quarter, crude imports rose by 5%. Neil Beveridge of Bernstein, a research firm, estimates that about 200m barrels of oil went into storage in China in the first three months of the year, as the government, refiners and other buyers stocked up on inexpensive oil.
Oil suppliers continue to look to China, which has eased its lockdown before other markets. “China is leading demand at the moment, so everyone is trying to sell into that market,” says Ben Luckock of Trafigura, a trading group. Even as covid-19 depressed global energy demand, seaborne oil exports to China in April reached a record level, according to Kpler, a market-data firm, and were 25% higher than last year’s average.
It is unclear if China will remain a bright spot. Despite analysts’ best efforts—by, say, using satellite images to track outlines on storage tanks—no one knows precisely when China’s oil stocks may near its capacity to store it, says Mr Beveridge. The International Energy Agency expects Chinese demand to be tepid in the second half of the year, as the global economy remains weak.
realDonaldTrump fucked up yet again trying to screw China. Go figure ...
The need of the hour is a new NATO type World Alliance led by USA, directed against China for coordinated actions to rid them from global supply chain and financial system. China is practicing SunTzu’s Art of War by using deception to divide the World. World needs to unite.
China 🇨🇳 China 🇨🇳, China 🇨🇳 with every move I make I think about the virus and how many deaths suffering they have caused but Xi remains,?
Now you just have pure double standard about China. If it's in the opposite way, you will just say free market.
Is that so wrong to get buy value in any negotiation ... willing seller and willing buyer?
Are you kidding. Do you think CCP will be shy?
Market is market.
Call it capitalism then, uneducated fool
MilliHesaplarYanyana 🇹🇷🇹🇷🇹🇷
u need a true man that will love me and I will give him all that I have