China’s crude oil imports in May jumped to the highest in history ever, at 11.34 million bpd. There is growing tanker congestion in the waters around Chinese oil ports as onshore storage capacity was too tight for all the arrivals according to Bloomberg. There is growing tanker congestion in the waters around Chinese oil ports as buyers rushed to take advantage of low oil prices in the past couple of months, but onshore storage capacity was too tight for all the arrivals, Bloomberg reports. Citing data from Kpler, Bloomberg said that this month alone, as many as 200 oil tankers were expected to arrive at Chinese ports. China’s crude oil imports in May jumped to the highest in history ever, at 11.34 million bpd, customs data showed earlier this month. The data confirms that China’s economy is on the fast track to recovery from the coronavirus crisis, with the […]