China's Oil Inventories Soar to Highest in Nearly Three Years

Crude oil inventories in China rose to the highest in almost three years in March, suggesting demand growth was lagging behind refinery processing rates, which hit a one-year high last month as Chinese oil processors took advantage of cheap Iranian and Russian crude. Reuters’ Clyde Russell reported that 1.74 million barrels daily went into storage last month in China, citing official data from Beijing and noting that this is the highest rate of storage inflows since June 2023. Run rates at Chinese refineries during the same month averaged…