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Kpler Expects China Crude Imports to Slip Q4


Kpler expects China crude imports to slip in Q4 from October levels of ~11mn bpd driven by weaker refinery runs.

  • Kpler also expects to see limited upside for Chinese oil demand growth in 2024 with demand upside more likely to come from India and Southeast Asia.
  • It expects oil prices to fall by $6-7/bbl from current levels and does not think OPEC+ cuts will prevent crude from falling.
  • Chinese buying of crude from Iran, Venezuela, Russia totaled 2.6m b/d ytd, or a quarter of its imports Kpler said.

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