Chinese crude stocks rose by a record 170mn barrels (1.9mn b/d) in Q1 according to MEES calculations based on official data, including numbers reported by the IEA and Reuters.
The peak stock-build came in February when around 105mn barrels (3.6mn b/d) was added to stocks – a combination of peak Covid-19 lockdown and still-high crude imports. February’s refining runs of 10.5mn b/d, down a whopping 3.3mn b/d from December 2019, were a multi-year low. (CONTINUED - 617 WORDS)
