China Continues to Amass Crude Oil in Storage ...Middle East

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China Continues to Amass Crude Oil in Storage
Despite very strong refinery runs in August, China had 1 million barrels per day (bpd) of more crude available than processed at refineries, suggesting that the world’s top crude importer continues to buy more oil than it needs, with most of the surplus likely going to storage. Refiners processed 14.94 million bpd of crude into fuels last month, but total crude from imports and domestic production was 15.95 million bpd, according to official Chinese data compiled by Reuters columnist Clyde Russell. This means that China had 1 million bpd…

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