Daily Energy Report
China oil demand, Cumulative emissions, Exxon’s view on drilling, OPEC+ wants stability, Plastic recycling, Turkey wants waiver, UAE emissions plan, Saudi metals deals, Venezuela shortages, and more.
November 26, 2024
Reminder: There will be no Daily Energy Report the rest of the week due to the Thanksgiving holiday and travel. We will be in touch if there is significant breaking news.
Chart of the Day: Chinese Oil Demand vs. Crude Imports
Summary
Figure (1) above shows monthly trends in China’s oil demand vs. crude oil imports. The correlation is strong. However, it remains to be seen if demand has declined in October following crude imports.