Daily Energy Report

China’s oil demand, A retreat from climate goals, Aramco CEO bullish on China, US oilfield restraint, Qatar LNG sales, Pipeline between Sudan and South Sudan, China recycling push, and more.

Chart of the Day: China’s Oil Inventories & Chinese Oil Demand

Summary

Figure (1) above shows trends in Chinese oil inventories in 2023 and 2024. Inventories in 2024 declined markedly. The total amount of inventories withdrawn (the area between the 2023 line and the 2024 line) amounts to about 361 mb. 

EOA’s Main Takeaway

Last week we released a detailed report on the role of China in the world oil market and how lower growth in oil demand and the massive withdrawal from inventories contributed to lower oil prices in recent months.