Oil Stockpiles Have Stopped Growing in World’s Biggest Buyer
- China’s refiners ramp up output in post-virus economic rebound
- Orbital Insights, Ursa use satellites to estimate inventories
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The great oil glut of 2020 may have already peaked in the world’s biggest crude importer.
Crude inventories in China have shrunk in recent weeks after rising to record levels, according to analysts and satellite observations. Supplies have been drawn out of storage as refineries ramp up operations to meet rising demand from an economy emerging from lockdown.