There is still no end in sight for China’s dependence on oil despite its global leadership in EVs.

The revision from 2017 and 2024 of up to 130 million tonnes equals to ~2.6 million barrels a day (give or take, depending on the multiple used to translate tonnes into barrels -- but in any case, significantly more than the current consumption of Germany). #OOTT 2/2

— Javier Blas (@JavierBlas) December 22, 2023

Sobering Thoughts on the Red Sea

This piece provides a very good background about the complexities about protecting free navigation in the Red Sea (by a former U.K. warship commander) @TomSharpe134 https://t.co/eRtlGs77nB

— Javier Blas (@JavierBlas) December 21, 2023

Ships Diverted from the Red Sea

MAP OF THE DAY: The number of ships that have diverted from the Red Sea and instead taken the 10/14-day longer route around Africa has risen to >100.

The map shows **container ships** declaring European ports as destination, with one only left in the Red Sea | #Yemen #RedSea pic.twitter.com/VBJCMvHUDU

— Javier Blas (@JavierBlas) December 20, 2023

Maersk’s Response

If the US had hoped that a patrol, defensive-only Red Sea mission (particularly, without convoy-style escort) would encourage container shipping companies to resume Red Sea crossing, it misread the situation.

See A.P. Moller – Maersk's response: https://t.co/p82saKbdYz#RedSea

— Javier Blas (@JavierBlas) December 19, 2023

US Patrol Area Gets Wider

It looks like the “highway” for the U.S.-led “highway patrol” just got a lot longer and wider. https://t.co/BPUhcwQl7q

— Javier Blas (@JavierBlas) December 23, 2023

Related to the previous Tweet, India’s Modi Talks to Saudi Crown Prince After Oil Vessel Attack

Indian Prime Minister Narendra Modi discussed the situation in the Middle East, including recent attacks on shipping in the Red Sea, with Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud.

The call between the two leaders comes days after a cargo vessel, the MV Chem Pluto, was hit by an alleged drone strike near India’s west coast. In response, India deployed three warships to the Arabian Sea, according to a government statement.

In related news, There Were Zero Takers for Offers to Pay for Oil in Indian Rupees

Why Would Any Oil Exporter Want Rupees?

Unsurprisingly, none did.

Q: Why would any exporter want a BRICS currency?
A: Other than sanction avoidance, none would.

Yet, the hype goes on and on including talk of a gold-backed yuan and a gold-baked BRICs currency.

Finally, thanks to Javier Blas for an excellent roundup on oil.

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