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China's Crude Flow: Storage Drawdowns and Potential Increase
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China's crude flow into storage decreased during the second half of 2023 due to reduced purchases in response to higher prices. Refinery processing exceeded available crude, leading to significant storage drawdowns. However, indications suggest that China's refiners may increase imports in the first half of 2024, depending on factors such as domestic fuel consumption and export policies.
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How might China's potential increase in crude imports impact global oil prices and supply dynamics?
In what ways could China's crude flow impact its domestic fuel consumption and export policies?
What strategies could China's refiners employ to mitigate the impact of higher global oil prices on their operations?
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