China is the world’s largest crude buyer
Opec+ cuts jar with China’s strong buying signals
Beijing likely to be unfazed by move amid growing alliance with Saudi Arabia
April’s shock decision by Opec+ to voluntarily cut more oil production stands in stark contrast with evidence that China is fuelling its resurgent post-Covid economy. Tentative but compelling data showing China is stepping up imports, along with its strategic ties with Saudi Arabia, was not enough to stop the oil-producing alliance acting to shore up prices. Opec+, comprising the Saudi Arabia-led Opec and other producers such as Russia, announced a 1.66mn bl/d voluntary reduction that will take effect from May and add to the existing 2mn bl/d cut implemented last October. The magnitude and timing of the latest move—agreed outside the formal framework of the alliance on a weekend—caught globa
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