Shein and Temu are driving oil, not GM, Toyota

FILE PHOTO: A view of the newly commissioned Dangote oil refinery is pictured in Ibeju-Lekki, Lagos, Nigeria, May 22, 2023. REUTERS/Temilade Adelaja/File Photo

TO hear overseas oil executives talk, you would think that Chinese drivers and air passengers were coming to the rescue of an oil market looking for direction.

Reports from staff on the ground in China suggest that “demand is looking very good”, Trafigura Group chief executive officer Jeremy Weir told Bloomberg Television earlier this month on the sidelines of the CERAWeek industry conference in Houston.