China’s crude oil imports in June hit a record high, according to a market analysis by OilX Research, in a sign that China’s thirst for crude oil is not being hampered by the coronavirus. In June, according to data compiled by OilX, China’s crude oil imports hit a record high of 11.93 million bpd—an increase of 820,000 bpd from May levels, which were also at record levels. This 11.93 million bpd represents a 2.4 million bpd increase year over year, which is a 25.4% increase. OilX attributes this increase in June to the restart of its economy, along with favorable crude oil prices and spreads. So much so has the environment been kind to thirsty importers that China is experiencing a nagging backlog of tankers that are piling up in its ports, with about 40 million barrels waiting in line to be offloaded in the Yellow Sea—up from 1.8 […]