that has been shifted. And I want to be clear, this is not necessarily domestic Chinese consumption, but this is seaborne import demand. But, in terms of the way we all interact with the oil market, seaborne import demand is really the thing that matters for price formation. So, for the purposes here, that was a larger reduction in seaborne import demand in China than the collective total release of SPRs from all of the IEA members combined. So, in terms of the contribution, China was far and away larger.
But, in terms of the way we all interact with the oil market, seaborne import demand is really the thing that matters for price formation.