Is OPEC Too Bullish On China's Oil Demand?

Chinese crude oil imports over the first five months of the year were down by 130,000 bpd from a year earlier. In any other country, this would have been business as usual. In China, it may spell doom for prices. The world’s biggest importer of crude is the logical focus of all demand projections and, consequently, price projections. Whatever their differences, the IEA and OPEC invariably point to China in their oil market reports as the driver of demand—and prices. This year, however, China may turn into a driver of pessimism…