China Oil Demand Recovery Is Complete on Record Import Haul
- May imports rose 15% from April to 11.34 million barrels a day
- Fuel demand rebounds while cheap crude piles up in reserves
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China’s crude imports soared to an all-time high last month, capping an astounding rebound in oil demand after the nation’s economy was flattened by lockdowns to contain the coronavirus pandemic.
Imports surged to 47.97 million tons in May, or 11.34 million barrels a day, according to customs data on Sunday. That’s a 15% jump from April and 160,000 barrels a day more than the previous record set in November.