Crude Oil
China's crude oil surplus surged in April, as refinery output dipped. Russell
In April, the amount of crude oil that was available in China for storage grew for a second consecutive month. Imports were relatively high while refinery processing declined. According to calculations based upon official data, China's crude surplus amounted to 1,89 million barrels a day (bpd), the highest since June 2023, and an increase from 1,74 million bpd last March. China, which is the world's largest crude importer and has been a major buyer of oil, has bought large quantities of discounted oil, mainly from Iran and Russia, in countries that are under Western sanctions. China does not reveal the...