China keeps adding to crude oil inventories
For 2022 as a whole, China added about 740,000 bpd to storage tanks, which was up from the 170,000 bpd added in 2021. But it was down from the 1.26 million bpd in 2020, which was an exceptional year, as refiners gorged on extremely cheap crude in the wake of the initial outbreak of COVID-19 and the global economic lockdowns that followed.
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