Daily Energy Report
China stockpiles crude, US LNG exports to Europe declining, Turkey makes LNG deal with Total, Italian firm-Saudis make offshore oil deal, Chevron CEO attacks Biden, and more.
Chart of the Day: China is Back at it Again, Stockpiling Crude
Summary
Despite weak economic growth, China’s oil imports skyrocketed recently as shown in Figure (1) above. Most of those increases came from Iraq and Saudi Arabia. The recent decline in Russia’s share in China is related to the decline in Russia’s exports and not to competition between Russia and other oil producers.