Composition of Chinese oil purchases has changed dramatically in 2026: with Hormuz blocked, and Venezuela no longer Chinese, Beijing is forced to buy most of its oil from the open market. https://t.co/XkJ2PJkbp4
Why now
Thesis: Chinese spot buying tightens oil balances
Catalyst to watch: Hormuz status and Chinese import data
Main risk: Claim of Hormuz blockade unverified
Why it matters
If Hormuz is blocked and Venezuela supply is lost, China buying on the open market tightens global crude balances.
Details
Composition of Chinese oil purchases has changed dramatically in 2026: with Hormuz blocked, and Venezuela no longer Chinese, Beijing is forced to buy most of its oil from the open market. https://t.co/XkJ2PJkbp4
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- x · 2026-09-24 03:22 UTC