China turns the taps off
Economic growth may be rebounding, but demand for Latin American crude remains minimal
Latin American oil producers have been bracing themselves for especially hard times ever since China shut down its economy due to Covid-19. The Asian giant is the world’s largest crude oil importer and a critical market for Latin America’s state oil firms, accounting for about 40pc of the region’s crude exports in 2018. The 41pc contraction to China’s first-quarter GDP, combined with the global oil price rout, is something of a worst-case scenario for the region’s producers. But China’s crude imports resumed relatively quickly in March as the country strategically boosted stockpiles amid signs of economic recovery. Volumes were up by 4.5pc year-on-year over the month even as the volume of oi
Also in this section
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them
22 April 2024
Beijing’s renewed targeting of NOC management could threaten investment
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis