Global crude stocks may have fallen by almost 700,000 b/d during the third quarter, the first significant decline since mid-2011, if demand from ongoing Chinese stockbuilds is factored into market balances, the International Energy Agency said Tuesday. China has been filling its strategic crude stocks at higher than previous rates since oil prices fell in late 2014 and the stock building has accelerated this year, according to figures implied from official import and refining throughput data. China’s strategic stocks may have grown by an average 700,000 b/d during the first half of the year taking into account official data and likely undeclared demand from Chinese independent refiners, the IEA said in its latest oil market report. Even Chinese commercial crude stocks grew by 9.2 million barrels in August, the largest month-on-month rise recorded since early 2015, the IEA said. Excluding demand from implied Chinese stockbuilding, the global crude market […]