Why Is China Buying Up So Much U.S. Oil?

One of the most important bull thesis for crude in 2023 is that China, having permanently shelved its zero Covid policies, will unleash a global buying spree as the Chinese economy sharply roars back to life. On Tuesday, we got another indication of precisely that: Unipec, the largest oil trader in China and the trading unit of state-held refiner Sinopec, and PetroChina, the largest oil and gas producer and distributor in China, have both hired ten supertankers in March to haul US crude back to Asia, according to Bloomberg, citing people with…