China's Oil Demand Outlook Darkens as OPEC+ Prepares to Meet.

Chinese oil refiners are reducing processing rates due to a decline in factory strength and a housing crash, which has led to a decrease in demand for plastics and fuels used in construction. This decline in demand from China, the largest customer of the OPEC+ producer coalition, could disrupt the group's efforts to curb oil supplies and stabilize prices. The downturn in Asia's biggest importer has contributed to a $10 drop in crude prices over the past six weeks. While OPEC+ is expected to continue output cutbacks, a slowdown in China gives them more incentive to persevere. However, OPEC+ officials remain confident about oil demand in China and other parts of Asia, with Chinese oil consumption projected to increase this year and in 2025. Additionally, China may take advantage of low prices to replenish its reserve stockpiles. Nonetheless, China's lull in oil demand reflects a global market that is shifting from tightness to oversupply. [Extracted from the article]