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The Next Oil Rally May Depend On China, Not The Middle East
Chinese refiners largely stopped competing for Middle Eastern crude during the Iran conflict, leaving more Gulf cargoes available to Euro…
AI Summary
Chinese refiners largely stopped competing for Middle Eastern crude during the Iran conflict, leaving more Gulf cargoes available to Europe, India, and the rest of Asia just as traders prepared for a supply shock. The International Energy Agency (IEA) estimates China drew 41 million barrels from crude inventories during June, one of the largest monthly stoc…
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