5 Signs That Record Oil Imports From China Won’t Last

The recent turnaround in oil market sentiment was to a large extent due to China showing signs of demand recovering back to normalcy. May 2020 witnessed the highest-ever level of crude imports, soaring almost 20% month-on-month to 11.34mbpd. Yet the intense market activity that both China’s state-owned giants and teapot refiners have demonstrated throughout April-May seems to be fizzling out. Amid tankers piling up in front of Chinese ports buying interest has significantly weakened in June and July, implying that the spring purchase frenzy…