China Quietly Steps Up Crude Stockpiling as Imports Surge

China bought more crude oil for storage last month, with the average daily at some 1.88 million barrels, according to calculations made by Reuters energy columnist Clyde Russell. Russell reported today that China’s domestic oil production last month stood at 4.31 million barrels, which was added to imports of some 12.43 million barrels daily. Refiners, for their part, processed an average of 14.86 million barrels daily. Based on these figures, a surplus of 1.88 million barrels daily remained to be placed in storage. All the figures above,…