China has been stockpiling oil for years. With prices this low, it may buy more
4 years, 9 months ago

China has been stockpiling oil for years. With prices this low, it may buy more

CNN  

Hong Kong CNN Business — Oil is cheaper right now than it has been in years. That’s great news for China — the world’s second largest consumer of oil and its biggest importer — which has been building up huge reserves and needs energy to restart its economy. While prices have recovered somewhat since then on hopes that OPEC and Russia may agree to cut production, it’s still “clearly good timing” for the world’s largest importer of crude to step in and snap up whatever it can, according to Dennis Ip, head of China and Hong Kong energy research at Daiwa Capital Markets. Last year, it imported 72% of the crude oil it used, the highest proportion on record, according to CNPC Economics and Technology Institute, the research arm of a major state-owned energy conglomerate in China. “China’s industry is coming back to life, and they need oil and lots of it,” said Stephen Innes, chief global market strategist for Axi Corp.

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History of this topic

Oil rises from two-month highs on optimism ove
6 days, 19 hours ago

Oil rises from two-month highs on optimism ove

Live Mint  

By Florence Tan SINGAPORE - Oil prices extended their gains on Friday after closing at their highest in more than two months in the previous session on hopes governments across the world may increase policy support to revive economic growth that would lift fuel demand. Factory activity in Asia, Europe and the U.S. ended 2024 on a soft note as …

Oil rises as investors return from holidays, eye China recovery
Trending News
1 week ago

Oil rises as investors return from holidays, eye China recovery

Live Mint  

By Florence Tan SINGORE, - Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China's economy and fuel demand following a pledge by President Xi Jinping to promote growth. Traders are returning to their desks and probably weighing higher geopolitical risks and also the impact of …

Oil inches higher in thin trade, investors focus on China, US data
1 week, 3 days ago

Oil inches higher in thin trade, investors focus on China, US data

Live Mint  

By Florence Tan and Emily Chow SINGORE -Oil prices edged up on Monday in thin holiday trade ahead of the year-end as traders awaited more Chinese and U.S. economic data later this week to assess growth in the world's two largest oil consumers. Oil prices were also supported by optimism for Chinese economic growth next year that could lift demand …

Oil prices steady as weekly rise expected amid China's economic recovery hopes
1 week, 6 days ago

Oil prices steady as weekly rise expected amid China's economic recovery hopes

Hindustan Times  

Oil prices were little changed on Friday but were set for a weekly rise amid optimism economic stimulus efforts will prompt a recovery in China, the world's biggest oil importer. With hopes that economic stimulus initiatives will spur a resurgence in China, the world's largest oil importer, oil prices were little altered on Friday but were expected to climb weekly. …

Oil spikes 1% in holiday-thinned session over China stimulus outlook; Brent hits $74 in rangebound trade
2 weeks ago

Oil spikes 1% in holiday-thinned session over China stimulus outlook; Brent hits $74 in rangebound trade

Live Mint  

International crude oil prices rose almost one per cent on Thursday, December 26, in a holiday-thinned trading session driven by hopes for additional fiscal policy stimulus in China, the world's biggest oil importer, and supported by an industry report showing a decline in US crude inventories. Crude oil trades higher in holiday-thinned session -According to news agency Reuters, Chinese authorities …

US Oil Exports to China Dwindle as Demand Wanes, Buying Shifts
2 weeks ago

US Oil Exports to China Dwindle as Demand Wanes, Buying Shifts

Live Mint  

-- US crude exports to China plunged by almost half this year as shifts in the nation’s economy weighed on demand and the country buys more barrels from countries including Russia and Iran. Exports of US oil to China plunged to 81.9 million barrels over the course of the year, down 46% from 150.6 million barrels last year, according to …

China’s EV boom is starting to pinch oil producers
2 weeks, 3 days ago

China’s EV boom is starting to pinch oil producers

Live Mint  

The country has long been the thirstiest consumer of crude. While China’s overall oil demand still appears stable, its composition is shifting gears rapidly. Gasoline and diesel demand seems to have peaked: China’s total demand for these transportation fuels in 2024 will be 3.6% lower than in 2021, according to IEA estimates. Diesel and gasoline accounted for 44% of China’s …

Oil prices ease on surplus concerns, dollar strength
2 weeks, 3 days ago

Oil prices ease on surplus concerns, dollar strength

Live Mint  

By Nicole Jao NEW YORK -Oil prices edged lower on Monday in thin trade ahead of the Christmas holiday on concerns about a supply surplus next year and a strengthened dollar. Macquarie analysts projected a growing supply surplus for next year, which will hold Brent prices to an average of $70.50 a barrel, down from this year's average of $79.64, …

Oil sheds 3% in 5 days on US Fed rate cut outlook, weak Chinese demand; Brent slips below $73/bbl
2 weeks, 5 days ago

Oil sheds 3% in 5 days on US Fed rate cut outlook, weak Chinese demand; Brent slips below $73/bbl

Live Mint  

International crude oil prices settled little changed in the previous session after markets weighed weak Chinese demand and fewer interest rate-cut expectations by the US Federal Reserve after recent prints of US inflation. -The US dollar retreated from a two-year high but was heading for a third consecutive week of gains after data showed cooling US inflation two days after …

2024 turning point for country's refined oil market
3 weeks, 2 days ago

2024 turning point for country's refined oil market

China Daily  

A drilling platform in Kaiping South Oilfield in the South China Sea in December 2023. China's economic structural transformation and the rapid rise of renewables will make 2024 a turning point for the country's refined oil market, with demand set to shrink for the first time, industry experts say. Due to the accelerated replacement of traditional energy with renewable sources …

China’s crude oil imports rebounded in November, but so did storage flows: Russell
3 weeks, 3 days ago

China’s crude oil imports rebounded in November, but so did storage flows: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, Dec 16 - China's crude oil imports in November hit a 14-month high, but much of the additional volume is likely to have ended up in storage as refinery processing remained subdued. China, the world's biggest crude importer, had a surplus of about 1.77 million barrels per day in November, according to calculations based on …

Oil reports weekly loss on oversupply fears despite OPEC+ output extension; Brent down over 2% in 5 days
1 month ago

Oil reports weekly loss on oversupply fears despite OPEC+ output extension; Brent down over 2% in 5 days

Live Mint  

International crude oil prices fell by more than one per cent in the previous session to report a weekly loss after analysts projected a supply surplus next year on weak demand despite the Organisation of Petroleum Exporting Countries and its allies 's recent decision to delay the oil output hikes till April 2025 and extend the deep production cuts to …

Why oil prices are not rising despite the war in West Asia
1 month ago

Why oil prices are not rising despite the war in West Asia

Hindustan Times  

In an apparent turn of events defying historical precedent, the escalating conflict West Asia--a region synonymous with global oil supply shocks--has not driven oil prices into the stratosphere. The International Energy Agency projects oil demand growth in 2024 and 2025 to be half that of 2022 and 2023, citing China’s transition to green energy as a key factor. While Iran’s …

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight
1 month ago

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight

Live Mint  

-- Oil steadied after a decline, with traders looking ahead to an OPEC meeting on Thursday that’s expected to see the cartel again defer a move to revive output in an already well-supplied market. While commercial stockpiles shrank more than 5 million barrels for the biggest weekly drop since August, nationwide oil production hit a record in a reminder of …

Oil Stabilizes Ahead of OPEC Supply Meeting as Volatility Drops
Trending News
1 month ago

Oil Stabilizes Ahead of OPEC Supply Meeting as Volatility Drops

Live Mint  

-- Oil was little changed as traders watched for clues on OPEC ’s supply plans ahead of a key meeting this Thursday. “Despite the ongoing cross-currents we’ve hit a fair value that looks sticky for the short-term” with Brent at current levels, said Chris Weston, head of research for Pepperstone Group. “For now, the oil market is happy to massage …

China crude oil imports set for November rebound, but it’s price not demand: Russell
1 month, 2 weeks ago

China crude oil imports set for November rebound, but it’s price not demand: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, Nov 21 - China's crude imports are on track to rebound in November to the highest in three months, but the increasing appetite of the world's largest oil importer is more about price than rising demand. Crude oil arrivals may reach around 11.4 million barrels per day this month, the most since August and the …

China’s surplus crude oil eased in October, but this is still bearish: Russell
1 month, 3 weeks ago

China’s surplus crude oil eased in October, but this is still bearish: Russell

Live Mint  

By Clyde Russell SYDNEY, Nov 18 - China's crude oil surplus nearly halved in October, but this was a further sign of weakness as both imports and refinery runs dipped. But there is also a structural shift underway in China's crude oil demand, with the rapid uptake of what Beijing terms new energy vehicles, which include full electric vehicles and …

Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71
1 month, 3 weeks ago

Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71

Live Mint  

International crude oil prices settled down more than two per cent in the previous session as investors fretted about weaker Chinese oil demand and a potential slowing in the pace of US Federal Reserve interest rate cuts after the latest macroeconomic data. Back home, crude oil futures settled 1.86 per cent lower at ₹5,660 per barrel on the multi commodity …

Oil heads for weekly loss as Chinese demand continues to underperform
Trending News
1 month, 3 weeks ago

Oil heads for weekly loss as Chinese demand continues to underperform

Live Mint  

By Nicole Jao and Gabrielle Ng SINGAPORE -Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery. The decline in run rates occurred as China's factory output growth slowed last month and demand woes in its property sector showed few signs of abating even though consumer spending …

Russia wants to become the second-largest oil producer in the world
1 month, 3 weeks ago

Russia wants to become the second-largest oil producer in the world

China Daily  

Russia is reportedly considering a major oil-sector shakeup by merging three of its largest oil companies: state-backed Rosneft and Gazprom Neft and privately-held Lukoil. Notably, the consolidation could allow Russia to command higher prices for crude oil exports to major buyers like India and China. This shift is driven by Russia’s substantial discounts on crude oil, which have made it …

China's weak oil demand may lead to global surplus of 1 mn barrels: How would crude prices react?
1 month, 3 weeks ago

China's weak oil demand may lead to global surplus of 1 mn barrels: How would crude prices react?

Firstpost  

The surplus could provide a buffer for prices against potential supply-side price shocks from conflicts in West Asia and other regions Low oil demand from China, supply-side shocks due to the conflict in West Asia, and increase in oil production by countries like US and Brazil are all important factors in determining crude oil price. The IEA forecasts that global …

Oil Steadies With Surging Dollar and Chinese Demand to the Fore
1 month, 3 weeks ago

Oil Steadies With Surging Dollar and Chinese Demand to the Fore

Live Mint  

-- Oil steadied — after touching the lowest this month on Wednesday — as a surging US dollar weighed on commodities, and concerns about demand growth clouded the outlook for prices. China’s weakening profile in the global oil market was highlighted midweek, with the US Energy Information Administration saying India was now the leading source of demand growth in Asia …

Oil falls on Chinese stimulus disappointment, supply outlook
1 month, 4 weeks ago

Oil falls on Chinese stimulus disappointment, supply outlook

Live Mint  

By Erwin Seba HOUSTON -Oil prices fell by more than 2% on Monday after China's latest stimulus plan disappointed investors seeking demand growth in the world's second-biggest oil consumer, while supply looked set to rise in 2025. Donald Trump's U.S. election victory may continue to be affecting the market, said Phil Flynn, senior analyst for the Price Futures Group. Bank …

Oil Retreats on Weak Outlook for Chinese Demand, Stronger Dollar
1 month, 4 weeks ago

Oil Retreats on Weak Outlook for Chinese Demand, Stronger Dollar

Live Mint  

-- Oil extended declines as a soft outlook for demand in China, the world’s largest crude importer, continued to plague the market. The nearest WTI futures contract is trading at its smallest premium to the following month since June, indicating that short-term tightness in the physical oil market is easing. OPEC’s decision to delay the production increase “provided only a …

Oil crashes over 2% on disappointing China stimulus; Brent drops below $73
1 month, 4 weeks ago

Oil crashes over 2% on disappointing China stimulus; Brent drops below $73

Live Mint  

Oil prices dropped around 2 per cent on Monday, November 11, after China's stimulus plan disappointed investors, Reuters reported. The report added that Brent crude futures fell by 2.48 per cent or $1.83 to $72.04 a barrel at 2:44 pm, and US West Texas Intermediate crude futures declined by 2.71 per cent or $1.91 to $68.47 a barrel. The oil …

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU
1 month, 4 weeks ago

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU

The Hindu  

India's export of fuels like diesel to the European Union jumped 58% in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. "In the 13 months since the oil price cap took effect, over one-third of India's exports of oil products to sanctioning countries was …

Stock market today: Asian shares are mostly higher as China begins major economic meeting
2 months ago

Stock market today: Asian shares are mostly higher as China begins major economic meeting

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Oil Prices Rise as Middle East War Rages, but China's Demand Remains a Key Factor
2 months, 2 weeks ago

Oil Prices Rise as Middle East War Rages, but China's Demand Remains a Key Factor

Live Mint  

Oil prices remain volatile as the Middle East war rages on, with Brent crude futures settling higher for the second consecutive session. China's recent efforts to stimulate its economy are expected to have a positive impact on oil demand, but it may take some time for the stimulus efforts to filter through to oil demand. Global oil inventories point to …

Production records bolster energy security
3 months, 4 weeks ago

Production records bolster energy security

China Daily  

An aerial view of a CNOOC drilling platform in Bohai Bay. China's efforts to bolster energy security took a significant leap forward as its two largest oilfields achieved historic production milestones, underscoring the nation's commitment to enhancing domestic energy supplies amid global uncertainties. China National Offshore Oil Corp said last Tuesday that Bohai oilfield, the largest offshore oilfield in China, …

Production records bolster energy security
3 months, 4 weeks ago

Production records bolster energy security

China Daily  

By ZHENG XIN | China Daily | Updated: 2024-09-10 09:37 An aerial view of a CNOOC drilling platform in Bohai Bay. China's efforts to bolster energy security took a significant leap forward as its two largest oilfields achieved historic production milestones, underscoring the nation's commitment to enhancing domestic energy supplies amid global uncertainties. China National Offshore Oil Corp said last …

Offshore oil, gas output set to rise
5 months, 2 weeks ago

Offshore oil, gas output set to rise

China Daily  

CNOOC booth at an expo held in Shanghai on June 9, 2021. The production of offshore oil and gas in China is expected to increase this year, as the country's top offshore oil and gas driller China National Offshore Oil Corp has discovered a high-yield well in the Beibu Gulf that produces over 1,000 cubic meters of oil equivalent daily, …

Oil sheds China demand worries, gains 1% on weaker US dollar & drop in stockpiles; Brent nears $85/bbl
5 months, 3 weeks ago

Oil sheds China demand worries, gains 1% on weaker US dollar & drop in stockpiles; Brent nears $85/bbl

Live Mint  

Crude oil prices climbed about one per cent on Wednesday, July 17, on a bigger-than-expected weekly drop in US crude stockpiles. Brent futures rose 96 cents, or 1.2 per cent, to $84.69 per barrel, while US West Texas Intermediate crude rose $1.36, or 1.7 per cent, to $82.12. Coming to domestic prices, crude oil futures last traded 1.95 per cent …

Oil prices decline over 1% on Chinese demand jitters
5 months, 3 weeks ago

Oil prices decline over 1% on Chinese demand jitters

Live Mint  

By Arathy Somasekhar HOUSTON -Oil prices settled more than 1% lower on Tuesday, the third straight day of losses, on worries of a slowing Chinese economy crimping demand, though declines were stemmed by a growing consensus the U.S. Federal Reserve could begin cutting its key interest rate as soon as September. "Weaker economic data continues to flow from China as …

Russia was China’s top oil supplier for the twelfth month in April
7 months, 2 weeks ago

Russia was China’s top oil supplier for the twelfth month in April

The Hindu  

Russia was China’s top oil supplier in April for a 12th month, with volumes rising 30% from a year earlier, official data showed, as refiners continued to cash in on discounted shipments, while supplies from Saudi Arabia fell a quarter on higher prices. China’s crude-oil imports from Russia, which include supplies sent via pipelines and the sea, were 9.26 million …

China annual oil refinery output falls for first time in 20 months amid maintenance
7 months, 3 weeks ago

China annual oil refinery output falls for first time in 20 months amid maintenance

Hindustan Times  

By Chen Aizhu China annual oil refinery output falls for first time in 20 months amid maintenance May 17 - China's refinery output fell 3.3% in April from a year earlier, the first annual decline in 20 months, as large refiners carried out regular maintenance and small independent plants curbed production due to thin profit margins. State-run refineries such as …

US lawmakers know drill ahead of election：China Daily editorial
10 months ago

US lawmakers know drill ahead of election：China Daily editorial

China Daily  

The measure in the US funding legislation unveiled by congressional leaders on Sunday, which seeks to block China from buying oil from the Strategic Petroleum Reserve of the United States, is more symbolic than of practical meaning. The issue of SPR oil sales to China actually heated up after US President Joe Biden announced a sale of 180 million barrels …

Stock market today: Chinese shares lead gains in Asia on report of market rescue plan
11 months, 2 weeks ago

Stock market today: Chinese shares lead gains in Asia on report of market rescue plan

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Shares were mostly higher in …

Oil scores weekly gain as Middle East risk offsets China concerns; Brent at $78
11 months, 2 weeks ago

Oil scores weekly gain as Middle East risk offsets China concerns; Brent at $78

Live Mint  

Oil prices settled slightly lower in the previous session but recorded a weekly gain as Middle East tensions and disruptions to oil output offset concerns about the Chinese and global economies. Back home, on the Multi Commodity Exchange, crude oil futures due for a February 16 expiry, settled 0.28 per cent higher at ₹6,045 per bbl, having swung between ₹6,084 …

Meet America’s Newest Oil Trader Extraordinaire: Joe Biden
1 year ago

Meet America’s Newest Oil Trader Extraordinaire: Joe Biden

Live Mint  

President Biden’s unprecedented release of oil from America’s petroleum reserves in 2022 turned the White House into an unusually active player in the volatile crude market. The flood of emergency supplies helped arrest surging oil prices after Russia invaded Ukraine, and pulled billions of dollars into the Energy Department’s coffers in the process. The Energy Department says it has already …

Oil reports longest weekly losing streak since 2018; Brent posts first gain in 6 sessions, settles 2% higher at $75/bbl
1 year, 1 month ago

Oil reports longest weekly losing streak since 2018; Brent posts first gain in 6 sessions, settles 2% higher at $75/bbl

Live Mint  

Oil prices rose more than 2 per cent in the previous session after US data supported expectations of a demand growth, however, both crude benchmarks fell for a seventh straight week, posting their longest streak of weekly declines in half a decade, on lingering oversupply concerns. Even though oil reported its longest weekly losing streak since 2018, Brent and US …

Oil ticks higher from six-month low over concerns of weak economic outlook; Brent at $74/bbl
1 year, 1 month ago

Oil ticks higher from six-month low over concerns of weak economic outlook; Brent at $74/bbl

Live Mint  

In the previous session the market was spooked by data showing US output remains near record highs even though crude inventories declined. In the previous session the oil market was spooked by data showing US output remains near record highs even though crude inventories declined {{^adFree}} {{/adFree}} Brent crude futures were up 60 cents, or 0.8 per cent, at $74.90 …

Oil ticks higher ahead of OPEC+ policy decision; Brent at $82/bbl
1 year, 1 month ago

Oil ticks higher ahead of OPEC+ policy decision; Brent at $82/bbl

Live Mint  

Oil prices rose on Wednesday, November 29, as investors turned their attention to the output policy decision by the Organisation of Petroleum Exporting Countries and its allies, while supply disruption caused by a storm in the Black Sea combined with lower US inventories to drive buying. Back home, on the Multi Commodity Exchange, crude oil futures due for a December …

Oil sears to 10-month high, set for weekly gain; Brent scores $94/bbl
1 year, 3 months ago

Oil sears to 10-month high, set for weekly gain; Brent scores $94/bbl

Live Mint  

Oil prices rose to a fresh 10-month high for the fifth straight session and were on track to record a third weekly gain as supply tightness driven by Saudi Arabian production cuts combined with optimism around Chinese demand. Back home, on the Multi Commodity Exchange, crude oil futures due for a September 19 expiry, were last trading higher by 0.44 …

Oil falls over 1.5% after weak data from Asian refiners offsets tighter supply
1 year, 5 months ago

Oil falls over 1.5% after weak data from Asian refiners offsets tighter supply

Live Mint  

Oil prices fell by more than 1.5 per cent on August 8 after data showed that China's imports and exports fell much more than expected in July in another sign of a sluggish post-COVID rebound for the world's largest oil importer. Back home, on the Multi Commodity Exchange, crude oil futures due for an August 21 expiry, were last trading …

Oil Price Rises as Failed Wagner Mutiny in Russia Concerns Market
1 year, 6 months ago

Oil Price Rises as Failed Wagner Mutiny in Russia Concerns Market

News 18  

Oil prices rose in early Asian trade on Monday after a failed mutiny by Russian mercenaries over the weekend raised concerns about political instability in Russia and the potential impact on oil supply from one of the world’s largest producers. RBC Capital Markets analyst Helima Croft said there were concerns that Putin would declare martial law, preventing workers from showing …

Oil and natural gas prices rise after weekend of turmoil in Russia
1 year, 6 months ago

Oil and natural gas prices rise after weekend of turmoil in Russia

CNN  

Hong Kong/London CNN — Oil and natural gas prices climbed Monday, while wheat prices briefly spiked higher, as investors reacted to the weekend’s brief and chaotic insurrection in Russia. “Given that the short-lived event this weekend in Russia appears to have ended, we do not expect to see such a significant increase in oil prices,” analysts at Rystad Energy wrote …

India, China bought 80% of Russia's oil in May: International Energy Agency
1 year, 6 months ago

India, China bought 80% of Russia's oil in May: International Energy Agency

The Hindu  

India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80% of the oil that Moscow exported in May, the International Energy Agency said in a report. India has increased purchases from almost nothing to close to 2 million barrels per day, while China has raised liftings by 5,00,000 …

India, China bought 80% of Russia's oil in May: Report
1 year, 6 months ago

India, China bought 80% of Russia's oil in May: Report

India TV News  

India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80 per cent of the oil that Moscow exported in May, the International Energy Agency said in a report. Russia-origin seaborne crude exports averaged 3.87 million barrels per day in May, the highest since Russia invaded Ukraine in February …

JPMorgan cuts oil price outlook to $81 per barrel for 2023 on supply concerns
1 year, 6 months ago

JPMorgan cuts oil price outlook to $81 per barrel for 2023 on supply concerns

Live Mint  

JPMorgan has cut its oil price forecasts for this year and 2024 as it sees the global supply growth offsetting a record rise in demand, while inventory build-up lowers the risk of price spikes. JPMorgan sees global oil supply growing by 2.2 million barrels per day in 2023, surpassing projected demand growth of 1.6 million bpd. "It is becoming increasingly …

China, India receive record Russian crude oil in May: data
1 year, 7 months ago

China, India receive record Russian crude oil in May: data

The Hindu  

Russian crude oil imports by China and India in May hit an all-time high as buyers gorged on discounted supplies, reducing demand for oil from the Middle East and Africa, according to preliminary assessments from ship trackers. 3 crude importers and top buyers of Russian oil imported about 110 million barrels in May, data from Vortexa and Kpler showed, up …

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