While the rest of the world continues to struggle with fuel demand recovery in fits and starts, China has been a key factor in supporting oil prices as it breaks crude oil import records. Record Chinese crude oil imports over the past few months have supported still weak global oil demand and instilled confidence in the market that the demand recovery will continue. But the Chinese buying spree may be coming to an end, as oil is not as dirt cheap as it was in April and as China is estimated to have amassed large crude inventories in commercial and strategic storage. Potentially lower-than-record Chinese oil imports in the coming months, combined with growing fears of a second COVID-19 wave, could be major drags on oil prices, especially if demand recovery outside China stalls. China Splurges On Record Crude Oil Imports For two consecutive months, China broke all previous […]