In this episode of "At Any Rate," Natasha Kaneva from J.P. Morgan Global Commodities Research discusses the latest developments and forecasts for the oil market. The conversation addresses the resilience of Brent prices, the impact of U.S. administration policies and international sanctions on oil supply, and the balance between non-OPEC supply growth and global demand. A key focus is on China's role in building oil reserves and its potential impact on global oil prices, considering factors like storage capacity and refined product exports. Despite a projected surplus, the podcast maintains its existing price forecasts, acknowledging uncertainties in China's stock build and its influence on OECD inventories.
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