Is The Global Oil Industry Relying Too Much On China?

Chinese oil imports are among the closest watched indicators for global oil demand trends in the world. That’s despite the fact there are things like seasonal factors affecting the country’s demand for oil and price considerations. The dominant narrative remains that if China is buying, all is well for oil, and prices will go up.

If China is reducing its buying, the outlook immediately dims. However, recently things have not been so clear-cut, as Reuters’ columnist Clyde Russell wrote this week. China’s oil imports in April,…