China is importing oil at near-record levels while its domestic product has also increased. China’s oil imports in June jumped 45.3 percent on the year to the second-highest monthly figure on record, with refiners building up inventories despite weak domestic demand. Oil imports in June totaled 12.67 million barrels per day–a sharp increase from a year ago when the country was still under Covid-19 lockdowns. The large increase in oil imports has come after Beijing lifted curbs imposed on independent refiners aka teapots. Two years…
