Chinese oil demand rebounded in May, but the sustainability of that recovery is far from certain as domestic and international headwinds intensify. Apparent oil demand, the sum of domestic crude produc- tion and oil imports, rose to 15.9mn b/d in May, the highest since January. Crude imports rose by 340,000 b/d from April to 10.8mn b/d and net products imports rose by 130,000 b/d. Domestic crude output appears to have stabilised at the gov- ernment’s target of 4mn b/d. Chinese crude stockbuilds halved in May from over 1.5mn b/d in April, data from oil analytics frm Kpler indicate.
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