BEIJING (Reuters) – China’s commercial and strategic oil storage is almost full, a Sinopec trading executive said on Wednesday, leaving little room for Asia’s top oil consumer to keep up its soaring import growth and adding downward pressure to an already oversupplied market. China’s purchases to fill its strategic petroleum reserves (SPR) was one of the main drivers of Asian demand since August of last year, with the nation’s importers buying cheap crude to fill oil tanks despite slowing economic growth. But with storage capacities approaching their limits, China’s crude imports will likely stay flat or rise only slightly this year, said the executive, who requested not to be named despite speaking to reporters at an industry event. China’s crude oil imports grew 4.5 percent in the first two months of the year compared to the same period a year ago, according to official customs data. [O/CNTRADE] But daily […]