Per a side conversation on a METAR thread, it was suggested that China was in a recession, and therefore, their oil consumption would likely fall.
Seems that has been the case for much of 2024.
Then, is the Nov 2024 development green shoots?
Crude oil imports jumped in Nov 2024.
Don’t want to read too much into it since Nov 2023 was the low. But the import levels were the highest since Aug 2023. That’s a helpful data-point.