China's reduced oil imports temporarily cap global crude prices below $100, analysts say
By
Hugh Leask
Summary
China has significantly reduced its crude oil imports since the outbreak of the U.S.-Iran war, dropping from 11.7 million barrels per day in February to under 9 million, which has helped prevent global oil prices from spiking above $100 per barrel. Despite global crude supplies falling 14% since hostilities began, fears of a $200-per-barrel price surge have not materialized. However, analysts warn that this price cushioning effect is temporary, and oil prices will likely rise as market balance is gradually restored.
Source
bskyChina's reduced oil imports temporarily cap global crude prices below $100, analysts saycnb.cxKey quotes
· 3 pulledA rapid reduction in Chinese crude imports has helped stop oil from trading even higher since the outbreak of the U.S.-Iran war
Market strategists say China is acting as a key pressure valve on energy markets
analysts warn that price rises will be needed as market balance is gradually restored
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