As the world faces unprecedented destruction in oil demand brought about by the coronavirus pandemic, China has in recent weeks emerged to be the only respite for crude sellers seeking to offload their cargoes, market sources told S&P Global Platts this week. Chinese refineries have been ramping up run rates as travel restrictions are eased and lockdowns lifted within the country, allowing manufacturing and production to gradually resume since late March, the sources said. In April, China’s planned crude run for the month was expected to recover to about 12.5 million b/d, taking nearly two months to reach about 90% of the level achieve in January after falling by about 3.3 million b/d in February, S&P Global Platts’ survey showed. The throughput recovery is expected to lower the current crude inventory and free up more […]