China’s crude oil balance shows a persistent 1.6M bpd gap, suggesting the market is missing key signals. Rory Johnston says it likely points to deeper refinery

BWB News TV • 2026-08-04 16:41 UTC • By Billy Odell Tucker-Robinson

China’s crude oil balance shows a persistent 1.6M bpd gap, suggesting the market is missing key signals. Rory Johnston says it likely points to deeper refinery run cuts and major underground SPR movements.

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