China's Next Move Could Decide Where Oil Prices Go This Year

China’s demand for crude oil imports and the pace of its refined products exports will help shape the trend in oil prices through the end of the year, alongside the supply disruptions in the Middle East. Decade-low Chinese crude oil imports have eased upward pressure on oil prices in recent months despite the worst supply disruption in the history of oil markets. China’s tumbling demand for crude oil imports was the key demand-side factor in capping the price hikes since the Iran war began. The market is now increasingly…