Matthieu Favas
speaker
190 appearances
2 recordings
1 series
first heard Jul 2026
last heard 12 Aug
Matthieu Favas’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Aug 2026 with 1.
Appearances
The other big lever is that in normal times China uh refines much more oil than it consumes.
It has the world's largest refining capacity.
Which means it can refine so much more than it needs.
And all this excess of oil products is exported to its Asian neighbors.
And in March it's announced a ban on these exports.
Not a blanket ban, but a pretty comprehensive one.
And the effect of that is that it could use some of the crude oil it used before to produce exports for its own purposes, whether, you know, to make fuel or to make petrochemical products.
products that it needs for its uh plastics industry, for example.
So that's a very powerful second level that China used to do that.
So add these two and you already have like a big part of the explanation for why it was able to slash its import in such dramatic fashion.
Well, you would have expected quite a big one, right?
Because for example, during COVID-19, oil consumption fell by quite a big amount and the economy basically crashed.
It was a deep recession.
Here we're not seeing that much of that.
I mean, Chinese GDP is still going at four to three percent of the last quarter.
Which is good enough.
Inflation is under control.
Consumer prices are in fact pretty weak.
Producer prices are not rising as fast as we expected.
So th the overall macroeconomic impact is pretty limited, which is again remarkable.
Showing 21–40 of 190 · page 2 of 10
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