China's reduced oil imports during Iran war help stabilize global prices
By
Emily Peck
Warm and crisp on the edges. A bagel with a bit of bite.
Summary
China has significantly reduced its oil imports since the start of the Iran war, which has helped keep global oil prices from rising further. This move has surprised commodity analysts, as China's opaque inventory system makes it difficult to determine how they've managed this reduction. According to Bloomberg Intelligence analyst Salih Yilmaz, if Chinese imports had remained at prewar levels, oil prices would likely be much higher today.
Key quotes
· 2 pulledIf Chinese imports had stayed at prewar levels, oil prices would almost certainly be significantly higher today.
China's inventory system is very opaque.
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