Chinese crude stocks rising fast

摘要

China had 4.4 million mt or an average 1.04 million b/d of surplus crude supply in May, strongly suggesting more crude is being shifted into storage, according to a Platts analysis of recent data. Platts calculates surplus crude supply by subtracting refinery throughput from net crude imports and domestic crude production. The most recent data from the National Bureau of Statistics showed that China produced 17.43 million mt (4.12 million b/d) of crude oil in May, unchanged from a year ago.