Driven by high refinery throughput, China likely drew crude oil from its commercial and strategic inventories in November, according to estimates from Reuters columnist Clyde Russell . Chinese crude imports rebounded last month compared to October, but official figures of November’s refinery runs showed that processing rates were higher than China’s total availability of crude from domestic production and imports. Therefore, the world’s largest oil importer likely drew crude from its reserves to the tune of 370,000 barrels per day (bpd) in November, according to estimates by Russell based on data for November China has disclosed. Chinese authorities do not report the volume of crude in its stockpiles, so its crude reserves , strategic and commercial, have always been the subject of speculation and guesstimates. In November, China drew crude oil from its stockpiles for the sixth time in the past eight months, Reuters’ Russell has estimated. Last month, […]