Wealthion · Tuesday, September 8, 2026
Art Berman suggests that the significant drop in Chinese refinery runs, leading to 3 million barrels less product per day, is a key factor influencing oil demand. He contrasts this with the US shale boom 12-15 years ago, which took years to impact prices, implying China's current situation is different.
“The United States brought on 4 million barrels of oil a day from shale. Same volume. That China suddenly said, no, thank you. And what happened? It cratered the oil market. Prices went from $110 to $50. And that happened over years.”
“So we're down 3 million from refinery runs. We add a couple hundred thousand from no longer exporting some refined products. And let's just say, I don't know if this is right, the real inventory draw that matters is maybe half a million barrels a day of refined products.”