{"id":16361,"date":"2023-03-05T12:17:52","date_gmt":"2023-03-05T11:17:52","guid":{"rendered":"https:\/\/staging.kayrros.com\/?p=16361"},"modified":"2024-03-14T14:44:58","modified_gmt":"2024-03-14T13:44:58","slug":"the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market","status":"publish","type":"post","link":"https:\/\/staging.kayrros.com\/fr\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/","title":{"rendered":"The Ukraine war and China&#8217;s rising role in balancing the oil market"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"16361\" class=\"elementor elementor-16361\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-648d5a9f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"648d5a9f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7b354dd9\" data-id=\"7b354dd9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-527b72e elementor-widget elementor-widget-text-editor\" data-id=\"527b72e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding-top: 20px; padding-right: 30px; text-align: justify;\"><div style=\"text-align: justify;\"><ul><li aria-level=\"1\">A year after Russia\u2019s invasion of Ukraine, satellite data show that far from plunging as initially feared, <b>onshore crude oil stocks have built by an average 400,000 barrels per day since the onset of the war<\/b>, or roughly 150 million barrels.<br \/>\u00a0<\/li><li aria-level=\"1\">While many commentators have been speaking of a war-induced global energy crisis, the data, as far the crude market is concerned, suggest otherwise, revealing instead <b>surprising resilience in the face of unprecedented geopolitical shocks.<\/b><b><br \/><\/b>\u00a0<\/li><li aria-level=\"1\">The build, occurring against the backdrop of OPEC supply cuts and rising global oil demand, shows that while international sanctions may have rerouted oil trade flows, <b>overall Russian crude export volumes have remained largely unscathed.<\/b><b><br \/><\/b>\u00a0<\/li><li aria-level=\"1\"><b>China has played a key role in the rebalancing of the crude market<\/b> in more ways than one.\u00a0 Not only has it emerged as the top outlet for Russian crude, but its own crude stocks have undergone large up and down swings since the onset of the invasion, much as they did in 2020-2021 during the first wave of the Covid-19 pandemic.<br \/>\u00a0<\/li><li aria-level=\"1\">Thanks to its massive crude storage infrastructure, <b>China has emerged as de facto global swing supplier<\/b>, with the capacity to absorb huge amounts of excess oil production at times of oversupply and draw down its stocks when markets tighten.<br \/>\u00a0<\/li><li aria-level=\"1\">While the roller coaster has been reminiscent of 2020-21, this time around different Chinese companies have been responsible for it, with state-owned Sinopec, rather than Shandong refiners, leading the charge. <b>Sinopec got 44% of the refined product export quotas issued by Beijing last year<\/b>, which may have given it an incentive to process more crude. Unlike independent refiners, state-owned enterprises are not subject to crude import quotas.<br \/>\u00a0<\/li><li aria-level=\"1\"><b>Beijing recently raised crude import quotas<\/b>, boosting its intake of Russian crude at a time when new EU and G7 sanctions on Russian refined products might force Russia to cut its own refinery runs and crude production.<\/li><li style=\"mso-line-height-rule: exactly; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;\">\u00a0<\/li><\/ul><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1dfbcfb elementor-widget elementor-widget-spacer\" data-id=\"1dfbcfb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-57200ec elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"57200ec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1c50868 elementor-widget elementor-widget-spacer\" data-id=\"1c50868\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fefcda6 elementor-widget elementor-widget-heading\" data-id=\"fefcda6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">A year after Russia's invasion of Ukraine, global crude stocks are on the rise<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76b12b4 elementor-widget elementor-widget-spacer\" data-id=\"76b12b4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-33514d4 elementor-widget elementor-widget-text-editor\" data-id=\"33514d4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding-top: 20px; padding-right: 30px; text-align: justify;\"><div style=\"text-align: justify;\"><p><em><span style=\"color: #a3a3a3;\">Figure: <strong>Global onshore crude oil inventories<\/strong> (daily) <\/span><\/em><\/p><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-a67438f e-flex e-con-boxed e-con e-parent\" data-id=\"a67438f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-264102b elementor-widget elementor-widget-image\" data-id=\"264102b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"900\" height=\"550\" src=\"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/03\/TKE46_figure1-1024x626.png\" class=\"attachment-large size-large wp-image-16365\" alt=\"\" srcset=\"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/03\/TKE46_figure1-1024x626.png 1024w, https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/03\/TKE46_figure1-300x183.png 300w, https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/03\/TKE46_figure1-768x469.png 768w, https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/03\/TKE46_figure1.png 1296w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9282349 e-flex e-con-boxed e-con e-parent\" data-id=\"9282349\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bba5b8b elementor-widget elementor-widget-text-editor\" data-id=\"bba5b8b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding-top: 20px; padding-right: 30px; text-align: justify;\"><div style=\"text-align: justify;\"><p>Kayrros daily satellite monitoring of onshore crude tanks shows that global crude stocks, far from plunging on the back of reductions in Russian supply as many analysts had feared at the onset of the war, <b>have built by an average 400,000 bpd since February 2, 2022, or roughly 150 million barrels.<\/b><\/p><ul><li aria-level=\"1\"><b>The gain has recently been accelerating, <\/b>rising to 760,000 bpd so far in 2023. Against the backdrop of growing global oil demand and OPEC supply restraint, it shows that Russian crude exports have so far remained unimpeded by international sanctions,<\/li><\/ul><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-554c375 elementor-widget elementor-widget-spacer\" data-id=\"554c375\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0c0af4e elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"0c0af4e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dcd6954 elementor-widget elementor-widget-spacer\" data-id=\"dcd6954\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c0f3c3d elementor-widget elementor-widget-heading\" data-id=\"c0f3c3d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">China's storage roller-coaster heralds its rise as top swing player\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3faa8f5 elementor-widget elementor-widget-text-editor\" data-id=\"3faa8f5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding-top: 20px; padding-right: 30px; text-align: justify;\"><div style=\"text-align: justify;\"><p><em><span style=\"color: #a3a3a3;\">Figure: <strong>China onshore crude oil inventories<\/strong> (daily) <\/span><\/em><\/p><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e8d14f7 e-flex e-con-boxed e-con e-parent\" data-id=\"e8d14f7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3064b28 elementor-widget elementor-widget-image\" data-id=\"3064b28\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"900\" height=\"550\" src=\"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/03\/TKE46_figure2-1024x626.png\" class=\"attachment-large size-large wp-image-16364\" alt=\"\" srcset=\"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/03\/TKE46_figure2-1024x626.png 1024w, https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/03\/TKE46_figure2-300x183.png 300w, https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/03\/TKE46_figure2-768x469.png 768w, https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/03\/TKE46_figure2.png 1296w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9cc7423 e-flex e-con-boxed e-con e-parent\" data-id=\"9cc7423\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-75b03d7 elementor-widget elementor-widget-text-editor\" data-id=\"75b03d7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding-top: 20px; padding-right: 30px; text-align: justify;\"><div style=\"text-align: justify;\"><p>In contrast with global stocks<b>, Chinese crude inventories are little changed from pre-invasion levels, <\/b>up just ~20 million bbls, or 60,000 bpd. But this follows a roller-coaster that saw successive steep builds and draws in 2022 and early 2023.<\/p><p>\u00a0<\/p><ul><li aria-level=\"1\"><b>China\u2019s huge crude storage capacity allows it to play an outsize role in oil markets, <\/b>absorbing vast amounts of excess crude supply or drawing down stocks when markets tighten.\u00a0<br \/><br \/><\/li><li aria-level=\"1\"><b>Chinese destocking helped global crude prices ease <\/b>in 2H 2022 despite OPEC\u2019s decision not to accommodate US demands for more production.<\/li><\/ul><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f4713af elementor-widget elementor-widget-spacer\" data-id=\"f4713af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a85ba71 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"a85ba71\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2092196 elementor-widget elementor-widget-spacer\" data-id=\"2092196\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8062afa elementor-widget elementor-widget-heading\" data-id=\"8062afa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">State-owned Sinopec crude stocks hit all-time high in 2022\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-992f6e3 elementor-widget elementor-widget-text-editor\" data-id=\"992f6e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding-top: 20px; padding-right: 30px; text-align: justify;\"><div style=\"text-align: justify;\"><p><em><span style=\"color: #a3a3a3;\">Figure: <strong>China onshore crude oil inventories by main categories<\/strong> (daily) <\/span><\/em><\/p><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f63c2b0 e-flex e-con-boxed e-con e-parent\" data-id=\"f63c2b0\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-332f8c9 elementor-widget elementor-widget-image\" data-id=\"332f8c9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"900\" height=\"561\" src=\"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/03\/TKE46_figure3-1024x638.png\" class=\"attachment-large size-large wp-image-16363\" alt=\"\" srcset=\"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/03\/TKE46_figure3-1024x638.png 1024w, https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/03\/TKE46_figure3-300x187.png 300w, https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/03\/TKE46_figure3-768x478.png 768w, https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/03\/TKE46_figure3.png 1442w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-bb8bcc1 e-flex e-con-boxed e-con e-parent\" data-id=\"bb8bcc1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7da32ed elementor-widget elementor-widget-text-editor\" data-id=\"7da32ed\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding-top: 20px; padding-right: 30px; text-align: justify;\"><div style=\"text-align: justify;\"><p><b>China\u2019s inventory swings of 2022 are reminiscent of the pattern of 2020-21, <\/b>when its massive stock builds at the onset of the pandemic, combined with OPEC+ and US production cuts, played in key albeit somewhat under-appreciated role in rebalancing the ailing oil market.<\/p><ul><li aria-level=\"1\">This time around, however, State-owned Sinopec, China\u2019s largest refiner, rather than the independent refiners of Shandong province, led the build. <b>Sinopec\u2019s crude stocks last year vastly surpassed their earlier Covid highs, <\/b>whereas the stock gains of Shandong refiners were more subdued. Sinopec also led the 2H 2022 drawdown.<br \/>\u00a0<\/li><\/ul><ul><li aria-level=\"1\">Sinopec\u2019s dominance of the Chinese inventory response to the Ukraine war \u2013 and China\u2019s zero-Covid policy \u2013 may reflect Beijing\u2019s efforts to rein in private companies and reassert state control over the national economy. Unlike independent refiners, Sinopec is not subject to crude import quotas. It also received the lion\u2019s share of refined product export quotas issued by Beijing last year.<b><br \/><\/b><b>\u00a0<\/b><\/li><\/ul><ul><li aria-level=\"1\"><b>Beijing\u2019s recent move to raise import quotas has already resulted in an increase in Russian crude imports to record highs,<\/b> at a time when new sanctions on Russian product exports may force Russia to cut its own refinery runs and crude production.<\/li><\/ul><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ae6a900 elementor-widget elementor-widget-spacer\" data-id=\"ae6a900\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a2f617e elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"a2f617e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f419127 elementor-widget elementor-widget-spacer\" data-id=\"f419127\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>A year after Russia\u2019s invasion of Ukraine, satellite data show that far from plunging as initially feared, onshore crude oil stocks have built by an average 400,000 barrels per day since the onset of the war, or roughly 150 million barrels.\u00a0 While many commentators have been speaking of a war-induced global energy crisis, the data, &#8230; <a title=\"The Ukraine war and China&#8217;s rising role in balancing the oil market\" class=\"read-more\" href=\"https:\/\/staging.kayrros.com\/fr\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/\" aria-label=\"En savoir plus sur The Ukraine war and China&#8217;s rising role in balancing the oil market\">Lire la suite<\/a><\/p>","protected":false},"author":6,"featured_media":15621,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[54],"tags":[130,128],"class_list":["post-16361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodity-picture","tag-blog","tag-the-kayrros-eye"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Ukraine war and China&#039;s rising role in balancing the oil market - Kayrros<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Ukraine war and China&#039;s rising role in balancing the oil market - Kayrros\" \/>\n<meta property=\"og:description\" content=\"A year after Russia\u2019s invasion of Ukraine, satellite data show that far from plunging as initially feared, onshore crude oil stocks have built by an average 400,000 barrels per day since the onset of the war, or roughly 150 million barrels.\u00a0 While many commentators have been speaking of a war-induced global energy crisis, the data, ... Lire la suite\" \/>\n<meta property=\"og:url\" content=\"https:\/\/staging.kayrros.com\/fr\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Kayrros\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-05T11:17:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-14T13:44:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/04\/a561b741-00c5-1cb3-f7c4-14fa7ce2b650-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1491\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Galactic Fed\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Kayrros\" \/>\n<meta name=\"twitter:site\" content=\"@Kayrros\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Galactic Fed\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/\"},\"author\":{\"name\":\"Galactic Fed\",\"@id\":\"https:\/\/staging.kayrros.com\/#\/schema\/person\/5c489f5192b9e7590ef0a66962fdc301\"},\"headline\":\"The Ukraine war and China&#8217;s rising role in balancing the oil market\",\"datePublished\":\"2023-03-05T11:17:52+00:00\",\"dateModified\":\"2024-03-14T13:44:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/\"},\"wordCount\":753,\"publisher\":{\"@id\":\"https:\/\/staging.kayrros.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/04\/a561b741-00c5-1cb3-f7c4-14fa7ce2b650-scaled.jpg\",\"keywords\":[\"Blog\",\"The Kayrros Eye\"],\"articleSection\":[\"The Commodity Picture\"],\"inLanguage\":\"fr-FR\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/\",\"url\":\"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/\",\"name\":\"The Ukraine war and China's rising role in balancing the oil market - Kayrros\",\"isPartOf\":{\"@id\":\"https:\/\/staging.kayrros.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/04\/a561b741-00c5-1cb3-f7c4-14fa7ce2b650-scaled.jpg\",\"datePublished\":\"2023-03-05T11:17:52+00:00\",\"dateModified\":\"2024-03-14T13:44:58+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/#primaryimage\",\"url\":\"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/04\/a561b741-00c5-1cb3-f7c4-14fa7ce2b650-scaled.jpg\",\"contentUrl\":\"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/04\/a561b741-00c5-1cb3-f7c4-14fa7ce2b650-scaled.jpg\",\"width\":2560,\"height\":1491},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/staging.kayrros.com\/fr\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Ukraine war and China&#8217;s rising role in balancing the oil market\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/staging.kayrros.com\/#website\",\"url\":\"https:\/\/staging.kayrros.com\/\",\"name\":\"Kayrros\",\"description\":\"Disruptive Analytics for Energy Markets\",\"publisher\":{\"@id\":\"https:\/\/staging.kayrros.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/staging.kayrros.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/staging.kayrros.com\/#organization\",\"name\":\"Kayrros\",\"url\":\"https:\/\/staging.kayrros.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\/\/staging.kayrros.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2026\/03\/kayrros_logo_2025_square.jpg\",\"contentUrl\":\"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2026\/03\/kayrros_logo_2025_square.jpg\",\"width\":512,\"height\":512,\"caption\":\"Kayrros\"},\"image\":{\"@id\":\"https:\/\/staging.kayrros.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/x.com\/Kayrros\",\"https:\/\/www.linkedin.com\/company\/kayrros\/\",\"https:\/\/www.youtube.com\/channel\/UCXpOqt_3G3Nk-Oekqqw4J7Q\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/staging.kayrros.com\/#\/schema\/person\/5c489f5192b9e7590ef0a66962fdc301\",\"name\":\"Galactic Fed\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/ed65e37d8916c98a8917e72a967c21562fed642aa85bf983afa868f29f377348?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ed65e37d8916c98a8917e72a967c21562fed642aa85bf983afa868f29f377348?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ed65e37d8916c98a8917e72a967c21562fed642aa85bf983afa868f29f377348?s=96&d=mm&r=g\",\"caption\":\"Galactic Fed\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Ukraine war and China's rising role in balancing the oil market - Kayrros","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"fr_FR","og_type":"article","og_title":"The Ukraine war and China's rising role in balancing the oil market - Kayrros","og_description":"A year after Russia\u2019s invasion of Ukraine, satellite data show that far from plunging as initially feared, onshore crude oil stocks have built by an average 400,000 barrels per day since the onset of the war, or roughly 150 million barrels.\u00a0 While many commentators have been speaking of a war-induced global energy crisis, the data, ... Lire la suite","og_url":"https:\/\/staging.kayrros.com\/fr\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/","og_site_name":"Kayrros","article_published_time":"2023-03-05T11:17:52+00:00","article_modified_time":"2024-03-14T13:44:58+00:00","og_image":[{"width":2560,"height":1491,"url":"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/04\/a561b741-00c5-1cb3-f7c4-14fa7ce2b650-scaled.jpg","type":"image\/jpeg"}],"author":"Galactic Fed","twitter_card":"summary_large_image","twitter_creator":"@Kayrros","twitter_site":"@Kayrros","twitter_misc":{"\u00c9crit par":"Galactic Fed","Dur\u00e9e de lecture estim\u00e9e":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/#article","isPartOf":{"@id":"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/"},"author":{"name":"Galactic Fed","@id":"https:\/\/staging.kayrros.com\/#\/schema\/person\/5c489f5192b9e7590ef0a66962fdc301"},"headline":"The Ukraine war and China&#8217;s rising role in balancing the oil market","datePublished":"2023-03-05T11:17:52+00:00","dateModified":"2024-03-14T13:44:58+00:00","mainEntityOfPage":{"@id":"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/"},"wordCount":753,"publisher":{"@id":"https:\/\/staging.kayrros.com\/#organization"},"image":{"@id":"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/#primaryimage"},"thumbnailUrl":"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/04\/a561b741-00c5-1cb3-f7c4-14fa7ce2b650-scaled.jpg","keywords":["Blog","The Kayrros Eye"],"articleSection":["The Commodity Picture"],"inLanguage":"fr-FR"},{"@type":"WebPage","@id":"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/","url":"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/","name":"The Ukraine war and China's rising role in balancing the oil market - Kayrros","isPartOf":{"@id":"https:\/\/staging.kayrros.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/#primaryimage"},"image":{"@id":"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/#primaryimage"},"thumbnailUrl":"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/04\/a561b741-00c5-1cb3-f7c4-14fa7ce2b650-scaled.jpg","datePublished":"2023-03-05T11:17:52+00:00","dateModified":"2024-03-14T13:44:58+00:00","breadcrumb":{"@id":"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/#primaryimage","url":"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/04\/a561b741-00c5-1cb3-f7c4-14fa7ce2b650-scaled.jpg","contentUrl":"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2023\/04\/a561b741-00c5-1cb3-f7c4-14fa7ce2b650-scaled.jpg","width":2560,"height":1491},{"@type":"BreadcrumbList","@id":"https:\/\/staging.kayrros.com\/the-ukraine-war-and-chinas-rising-role-in-balancing-the-oil-market\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/staging.kayrros.com\/fr\/"},{"@type":"ListItem","position":2,"name":"The Ukraine war and China&#8217;s rising role in balancing the oil market"}]},{"@type":"WebSite","@id":"https:\/\/staging.kayrros.com\/#website","url":"https:\/\/staging.kayrros.com\/","name":"Kayrros","description":"Disruptive Analytics for Energy Markets","publisher":{"@id":"https:\/\/staging.kayrros.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/staging.kayrros.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Organization","@id":"https:\/\/staging.kayrros.com\/#organization","name":"Kayrros","url":"https:\/\/staging.kayrros.com\/","logo":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/staging.kayrros.com\/#\/schema\/logo\/image\/","url":"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2026\/03\/kayrros_logo_2025_square.jpg","contentUrl":"https:\/\/staging.kayrros.com\/wp-content\/uploads\/2026\/03\/kayrros_logo_2025_square.jpg","width":512,"height":512,"caption":"Kayrros"},"image":{"@id":"https:\/\/staging.kayrros.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/Kayrros","https:\/\/www.linkedin.com\/company\/kayrros\/","https:\/\/www.youtube.com\/channel\/UCXpOqt_3G3Nk-Oekqqw4J7Q"]},{"@type":"Person","@id":"https:\/\/staging.kayrros.com\/#\/schema\/person\/5c489f5192b9e7590ef0a66962fdc301","name":"Galactic Fed","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/secure.gravatar.com\/avatar\/ed65e37d8916c98a8917e72a967c21562fed642aa85bf983afa868f29f377348?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/ed65e37d8916c98a8917e72a967c21562fed642aa85bf983afa868f29f377348?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ed65e37d8916c98a8917e72a967c21562fed642aa85bf983afa868f29f377348?s=96&d=mm&r=g","caption":"Galactic Fed"}}]}},"_links":{"self":[{"href":"https:\/\/staging.kayrros.com\/fr\/wp-json\/wp\/v2\/posts\/16361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.kayrros.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.kayrros.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.kayrros.com\/fr\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.kayrros.com\/fr\/wp-json\/wp\/v2\/comments?post=16361"}],"version-history":[{"count":1,"href":"https:\/\/staging.kayrros.com\/fr\/wp-json\/wp\/v2\/posts\/16361\/revisions"}],"predecessor-version":[{"id":16663,"href":"https:\/\/staging.kayrros.com\/fr\/wp-json\/wp\/v2\/posts\/16361\/revisions\/16663"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.kayrros.com\/fr\/wp-json\/wp\/v2\/media\/15621"}],"wp:attachment":[{"href":"https:\/\/staging.kayrros.com\/fr\/wp-json\/wp\/v2\/media?parent=16361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.kayrros.com\/fr\/wp-json\/wp\/v2\/categories?post=16361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.kayrros.com\/fr\/wp-json\/wp\/v2\/tags?post=16361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}