One of the core pillars behind the bull case for oil in 2023 is that China, having permanently shelved its zero covid policies, will open the floodgates on oil buying as the Chinese economy recovery sharply and powerfully.
Today, we got the first indication of precisely that: Unipec, the largest oil trader in China and the trading unit of state-held refiner Sinopec, purchased 9 million barrels of Abu Dhabi’s Upper Zakum crude grade for March loadings , traders told Bloomberg , in a clear sign that Chinese oil demand will pick up pace in the second quarter as many expect […]
Article Source: www.zerohedge.com
It’s becoming increasingly clear that fiat currencies across the globe, including the U.S. Dollar, are under attack. Paper money is losing its value, translating into insane inflation and less value in our life’s savings.
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