China Added 200,000 Bpd to Crude Reserves in July Despite Hormuz Crisis

Source Summary

China added approximately 200,000 barrels per day of crude oil to its inventories in July as imports rebounded from June's decade-low levels and refinery runs remained depressed. As the world's top crude oil importer, China began drawing down stockpiles only in May, three months into the Middle East crisis, after accumulating an estimated 1.4 billion barrels in commercial and strategic reserves at the start of the Iran war.