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Javier Blas, industry influencer, highlights a significant shift in China's oil trade. According to Blas, Beijing has quietly reduced its oil imports by about a quarter compared to prewar levels.
This adjustment has resulted in more crude being available to the wider market.
Blas previously reported that Brent oil's front-month contract swung in a $13 range without significant news moves. He has also tracked corporate actions, noting that TotalEnergies raised its quarterly buybacks to $1.5 billion and increased its dividend following strong quarterly results. The recent changes in China's import patterns come amid these developments in global oil and energy markets.