1. China’s oil import surge ended- China’s imports of crude oil are set to jump 10% this year, but the import surge occurred during the downturn earlier this year when crude prices collapsed. In fact, China’s exports of refined products are on the rise. - China’s oil demand dipped slightly by 30,000 bpd in October, but the IEA expects China’s demand to be up 480,000 bpd in the fourth quarter from a year earlier, dramatically better than OECD countries. - Despite Covid-19 vaccine optimism, a huge buildup of global oil…
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