China’s record haul of crude is poised to end as state-issued allowances for imports dwindle. (Bloomberg) — China’s record haul of crude is poised to end as state-issued allowances for imports dwindle, potentially taking the wind out of the uneven recovery across global oil markets. The world’s biggest importer will ship in much less crude in September and October than it did in May and June, with private refiners seeing purchases drop as much as 40%, according to analysts from ICIS-China and FGE. The drop-off is coming as the plants known as teapots run out of quotas following a buying binge earlier this year. The reduction will test the resiliency of the oil market, which has seen prices recover from the lows of April but is still contending with virus lockdowns in major markets and OPEC+ members adding supplies after cutbacks. China’s independent refiners were the first to recover […]