Wealthion · Tuesday, September 8, 2026
Art Berman, with nearly 50 years of experience in the oil industry, expressed skepticism regarding the official explanation for China's reduced oil imports. He highlighted that Chinese refineries are producing 3 million barrels per day less of essential products, which he believes is the more critical factor than import levels.
“I'm looking at what's happening inside China. What's happening with Chinese refineries? Chinese refineries are producing 3 million barrels a day less of the products that people need and buy.”
“When I hear that story, all of my almost 50 years of experience in this business and intuition from life says, really? That doesn't sound right. That doesn't mean it isn't right, but that's my first reaction. That somehow China just found a way to stop using 4 million barrels of oil a day? On a dime? Really? Wow. That's hard to believe.”
“So, I don't care how much China stopped importing. I'm looking at what's happening inside China.”