China Gobbles Up Any Spare Oil Barrels To Boost Inventories

China added 2 million bpd to its crude oil inventories last month, Reuters’ Clyde Russell reported today, citing calculations based on official data. This means the world’s largest oil importer was buying more from abroad, although Russell noted that these purchases were most likely made months earlier, before Russia’s invasion of Ukraine in late February. Imports of crude in China averaged 10.47 million barrels daily, Russell noted, adding that local production was estimated at 4.14 million barrels. This meant a total supply…