China's Oil Buying Frenzy May End This Month

Higher Chinese crude oil imports and increased domestic production led to a jump in crude volumes directed to storage in the world’s top oil importer in March, according to calculations by Reuters columnist Clyde Russell based on official data. Chinese crude imports, reported by the customs, were higher in March compared to the average of the previous two months of the year, while domestic oil production also rose.

So in March, China is estimated to have sent as much as 1.63 million barrels per day (bpd) of crude to either commercial or strategic…