China, setting the world

Well, Goldman Sachs

Furthermore, recent data on crude loadings suggest that close to 14 mn barrels of West African crude is being redirected from the West to the East. The surging Chinese demand for oil suggests that the drivers of not only consumption growth, but also world oil demand and prices, are shifting from the West to the East.

The IEA hinted at a similar dynamic in its latest monthly oil market report, pointing out that some Saudi Aramco grades were no longer available to European customers at all, in favour of Asian markets and domestic power consumption.

Now, Goldman actually forecast China