China's Oil Tanks Refill Slowly, No Price Surge Expected
China, similar to the US, will gradually replenish its depleted oil reserves in 2024, but unlike its American counterpart, it won't trigger a global price rally.
China's onshore oil inventories plunged to an eight-month low in January, prompting moderate restocking efforts.
Economic slowdown and high oil prices dampen prospects for aggressive stockpile growth.
Refill likely focused on refinery needs, not strategic reserves, unless economic growth rebounds.
Chinese crude imports peaked in summer 2023 and remain above historical averages.
Despite expected inventory increase, first-half restocking will be cautious, disappointing oil market bulls.