Showing posts from March 17, 2024

The trend in China's Oil Imports in 2023: the stagnation of the prices is partially explained!

Image The data from 2023 clearly shows that China, the world's top importer of crude oil, is a factor that cannot be ignored when it comes to the stability in the crude oil markets. The trendline, based on the crucial crude oil import volumes, shows a gradual, not a steep, decline in line with the fluctuating manufacturing activities. The trendline of China's Purchasing Manager's Index, PMI, followed a similar pattern in 2023. There was a relative surge in crude oil imports in February on account of heavily discounted Russian oil after the war broke out between Ukraine and Russia. Both China and India cashed in on the unbelievable bonanza, defying international pressure, citing the domestic interests.  In August last year, there was a relative increase in the imports: In September, China's PMI, Purchasing Manager's Index that reflects the nation's manufacturing activities remained above the threshold - 50%. Analysts, meanwhile, are awaiting the

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