China boosts crude oil storage amid soft refinery processing

Stocking up: China National Petroleum Corp’s facilities in Dalian. While domestic oil production is slightly higher, rising 2.1% in the first four months of 2024, it seems that China is adding to inventories at a faster pace so far this year than it did in 2023. — Reuters

THE pace at which crude oil flowed into China’s stockpiles increased in April as slower refinery processing outweighed a decline in imports.

A total of 830,000 barrels per day (bpd) was added to China’s commercial or strategic stockpiles in April, up from 790,000 bpd in March, according to calculations based on official data.