Ramble On: Who Pays the Freight?

AI Summary

The article discusses China’s crude stockpile and the import shortfall caused by the closure of the Strait of Hormuz. It examines crude import levels and the potential cost of rebuilding stocks as Gulf oil flows continue around the disruption.

In September we borrowed a Led Zeppelin title to describe China’s crude stockpile, a levee holding backthe import shortfall created by the closure of Hormuz. One month on, the wateris still falling, Gulf crude has rambled on around the Strait, and the questionis what it will cost to rebuild. China’s customs crudeimports were 9.03 mbpd ...