China Built a Massive Oil Buffer Ahead of the Iran Crisis

AI Briefing

• – China expanded its crude oil stockpiles in the first two months of 2023, with imports averaging 11.99 million barrels daily, and domestic production averaging 4.42 million barrels daily.
• – The stock buildout helped strengthen China's oil buffer despite higher refining rates, which processed an average of 15.17 million barrels daily.
• – Total daily supply reached 16.41 million barrels daily, a month-over-month increase from the previous period.