MacroVoices #385 Dr. Anas Alhajji: 2024 Energy Markets Outlook & More
Macro Voices
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The Importance of Demand and Consumption in China
We are still bullish, but not as bullish as before. We never expected the Chinese to build their inventories the way they did in the last three months. They're buying every drop of crude oil they can get and if prices go up, they'll buy some more. The threshold is no longer 70 Brent. It's higher than 70. So you think that China has been spending the last 3 months aggressively building their stocks of oil. But now because they are buying the cheap Russian crude, the average for them is different from the past. And we ended up with a situation now.
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