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Javier Blas, industry influencer, reports that China is quietly reducing its oil imports, which is creating significant shifts in the global crude market. The move comes during the ongoing closure of the Strait of Hormuz, a key maritime chokepoint for oil shipments.
Blas highlights how China's actions serve as an invisible force rebalancing global oil trade, affecting supply and demand dynamics across markets.
Blas previously reported that West Texas natural gas prices fell to record-low negative levels, forcing producers to pay to offload excess supply. He also noted that TotalEnergies increased its quarterly buybacks to $1.5 billion and raised its dividend following strong first-quarter results. The latest moves from China add a new layer of complexity to the energy markets tracked in his earlier coverage.