Jefferies: China's Demand for Oil Is Totally Misunderstood by the Market
Don't fall for the head fake.
Slippery oil statistics.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Amid sinking crude prices, there's been an almost singleminded focus on supply dynamics in the oil market, particularly on the resilience of U.S. production, which has proven nearly impervious to large-scale declines in the number of active rigs.
Although tentative signs suggest domestic crude production is rolling over, analysts led by Laban Yu, head of Asia oil and gas equities for Jefferies, think it's time to focus on what's going on at the other side of the ledger on the other side of the world.