Throughout the pandemic China has been a key focal point. Whilst it was the first country to go into full lockdown, and the first to see a significant collapse in oil demand, it has also been the country that so far, appears to have rebounded strongest. The country was also successful in exploiting the collapse in oil prices to snap up cheap crude, both for strategic and commercial inventories. Domestic refineries increased runs to capitalise on recovering internal demand and potential higher export demand as neighbouring countries emerged from lockdowns. However, overseas demand has remained stubbornly low, whilst renewed lockdown measures threaten any further consumption growth. The question heading into the end of the year is what will Chinese refiners do with their product surplus? Do they push it to export markets regardless, sell domestically or hold stocks?
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2020 10 09 All Eyes on China |
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