China’s Crude Oil Imports Soar To Highest Level In Nearly 3 Years

Chinese imports of crude oil surged by 22.5% year-over-year in March to the highest monthly volumes in nearly three years, since June 2020, official data showed on Thursday as refiners are increasing fuel output to meet expected rising demand after the reopening. Last month, China imported as much as 52.3 million tons of crude oil, per data from the country’s General Administration of Customs cited by Reuters. The import volumes in tons equal 12.3 million barrels per day (bpd)—the highest for any month since June 2020, and much higher…