Is China's Oil Buying Spree Over?

COVID Market Update - Crude oil purchases by China appear to be hitting the brakes in July after record purchases in May for loadings in June, with analysts now concerned that the buying spree has lost momentum, with inventories now full. Some are still banking on China’s small teapot refineries rushing to grab more imported crude while they can under license and before the government changes its mind. In the meantime, shipping data appears to indicate that China imported more than 20% less crude in June than it did in May. - For June, Iran…