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China Quietly Boost Oil Imports In Preparation For Reopening

Zero Hedge | Nov. 7, 2022

Alongside the neverending charade over when/if the Fed will pivot (it will, it just needs to really break the market and the economy first, at which point it will be too late to do anything), a similarly heated – and some would say even more important – discussion surrounds China’s decision to drop its doomed covid zero policy. Here, there has certainly been movement in recent days, with Chinese stocks soaring over the past week amid rampant speculation that Beijing is contemplating easing or rolling back its draconian covid zero restrictions.

And even though both the local government and skeptical China watchers have repeatedly tried to shoot down any unfounded rumors (based on spurious screengrabs) that China is set to ease its anti-covid measures, a new report from Goldman’s commodity team published late on Monday (and available to pro subscribers), concludes that China has quietly if aggressively ramped up crude imports by more than 2.5m b/d in recent weeks in preparation for an eventual reopening, whose timing Goldman still views as most likely to take place some time in 2Q 2023.

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