of Chinese diesel demand were too high. And there are two periods, particularly in 2021 and 2023, where the apparent demand of diesel in China raced way ahead of where we saw the actual economy performing. And back in 2023, I actually wrote a piece called Chinese oil demand out, specifically flagging that I thought that China was likely building diesel and other refined product stockpiles strategically. At that stage, the worry was that it was about fortifying energy security ahead of a potential incursion in Taiwan. It's
And back in 2023, I actually wrote a piece called Chinese oil demand out, specifically flagging that I thought that China was likely building diesel and other refined product stockpiles strategically.