This post reminds me of a report I worte in late 2023, titled "China’s Oil Demand Has Peaked." The main takeaways from that report were: 1. China’s oil demand may have peaked on a secular basis. 2. The total number of internal combustion engine (ICE) vehicles currently on the road has declined for the first time in history, indicating a peak in gasoline demand. 3. Over the next five years, China’s annual gasoline demand may decline by an average of 35 million barrels, or 96K bbl/d. 4. Gasoline demand destruction will accelerate in 2027. As such, I suspect China's incentive to restock crude oil is much weaker than many investors anticipate, particularly given the recent deterioration in domestic demand and Beijing's continued reluctance to step up stimulus.