China’s Quiet Oil Rebalance Reshapes Global Markets

Bloomberg notes that China has cut overseas crude imports by about 25% from prewar levels, while commercial stockpiles have risen and state firms are reselling cargoes. The result is a substantial supply surplus that helped cap oil prices around $100, aided by China’s large reserves (about 1.4 billion barrels) and potential shifts to coal‑to‑chemicals, suggesting softer near‑term demand and a reshaped global oil balance.