Despite lower crude oil refining and imports overall, China has increased its crude oil imports from Russia. Despite lower crude oil refining and imports overall, China has increased its crude oil imports from Russia. According to the U.S. Energy Information Administration, the resurgence of Covid-19 cases since March 2022 and China‚Äôs policy of localized mobility restrictions reduced refinery activity in China. The country also processed and imported less crude oil so far this year than last year. In the second quarter of 2022, China processed its least amount of crude oil since the first quarter of 2020, the quarter in which responses to the Covid-19 pandemic in China had their strongest effects on economic activity. Although Covid-19 outbreaks since the third quarter of 2021 in China have been affecting demand for petroleum products, the 2022 outbreaks and strict mobility restrictions in major cities have further reduced demand. Despite lower […]