China’s fuel demand has materially weakened after the coronavirus outbreak forced authorities to lock down cities and discourage travels. Some estimates put the current demand loss in China at around 4 million barrels per day (bpd) of fuel. Still, China’s crude oil imports are expected to have held up pretty well in February, slowing by just around 160,000 bpd compared to January import levels, according to Reuters columnist Clyde Russell who cites estimates from Refinitiv Oil Research. Crude oil imports into the world’s top oil importer and key growth driver would be weaker in March than in February, because most of the February volumes had been contracted, set, and en route to China when the coronavirus outbreak put the brakes on fuel demand in the country. March could be the month with the lowest Chinese crude imports this year, also because some refiners typically schedule maintenance between the winter […]