Oil prices have staged a modest recovery this quarter as supply/demand dynamics have finally begun to look more favourable.
While OPEC members have been busy reining in supply, there´s also been increased demand from China for oil bulls to cheer.
Still, the $56 per barrel that Brent crude is currently trading at is a far cry from the $100 per barrel levels seen around three years ago.
Oil prices now stand about where they were at the beginning of 2017, having dipped below the $50 per barrel mark on various occasions during the first half of the year.
High US output and scepticism over OPEC production cuts weighed on the market for much of 2017.
There´s also been long-term worries hanging over the market, such as the rapid rise of electric cars and the general dash towards greener technology.
However, the recent improvement in prices comes as OPEC and Russia claim to have made solid progress in reducing the global supply glut that has plagued the market.
August proved to be a decisive month, as Russia managed to significantly exceed targets to cut production.
It meant that after falling short in June and July, OPEC and its allies also beat their collective target over the month.
The grouping has previously pledged to cut output by more than 1.8 million barrels per day (BPD).
The tightening on the supply side comes just as China has begun to ramp up oil imports.
Chinese oil demand rose by 690,000 BPD in July, a 6% year-on-year increase, according to OPEC.
On a year-to-date basis, China´s demand has grown by 550,000 BPD, putting the nation on course to eclipse the US in 2017 as the world´s biggest importer of oil.
Year-to-date Chinese demand is running at around double the level of 2016.
So, where´s all this additional Chinese demand coming from?
For one, the Chinese economy has surprised on the upside this year, growing 6.9% in the second quarter.
While this was just slightly ahead of forecasts for the quarter, the rate is significantly higher than the nation´s official 6.5% growth target for 2017.