China stockpiled ultra cheap crude during lockdown

OILPRICE | China imported crude oil at an average rate of around 10.38 million bpd, for a total of 43.91 million tons, according to calculations made by Reuters. The total for the first quarter, according to official customs data, was 130 million tons. Reuters reported that the March average was an 11.7-percent increase on the year--a signal that the country was stockpiling cheap oil while the price rout continues. Independent refiners again appear to have spearheaded the growth in foreign oil buying, even though domestic—and regional—demand for fuels was lower than supply even before the coronavirus pandemic took hold.


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