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Oil Prices & China's Vanishing Imports
What started as a WhatsApp update to clients on Friday is now a formal QS Macro Research Note. As headlines swirled around oil supplies and China's import trajectory, David Roche flagged a dynamic most market participants are missing: it's not demand destruction driving the price stasis, it's Beijing quietly running down strategic reserves to plug a 4 mn bpd import gap. That buffer won't last. Read the full note for QS's parameters on when the supply cliff reasserts itself.