Not nearly enough to dislodge the Saudis from being the swing producer and price setter now that the Great Mike Masters Inventory Liquidation has run its course.
Beware an even modest recovery that increased crude consumption.
China’s Net Crude Imports Decline to Lowest in a Year
by Wang Ying
Feb 11 (Bloomberg) — Crude-oil imports dropped by 8 percent to 12.82 million tons from a year earlier while overseas shipments of the fuel more than doubled, rising 156 percent to 450,000 tons, the customs said today.
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