This year China’s government has been gradually ramping up scrutiny of its sprawling oil industry, reinforcing its authority with new taxes on refined products while investigating crude imports by state energy giants and independent refiners. Last Tuesday, the country’s top economic planning agency gave five state-owned companies just two days to report on their historic use of imported oil, part of a broader effort by the world’s largest oil importer to control inbound shipments as domestic supplies swell. read more HOW IMPORTANT IS CHINA IN GLOBAL OIL MARKETS? China is the world’s largest crude oil importer and the No. 2 consumer after the United States. China’s crude imports surged 7.3% in 2020 – the only major market where oil demand grew during the COVID-19 pandemic. Strong economic growth, new refining capacity and changes in fuel taxes could spur crude imports 7.2%, or 775,000 barrels per day, higher this year, […]