China's Crude Imports Become Backbone Of Oil Price Recovery
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The world’s largest oil importer, China, will continue to have a significant impact on the oil market in the coming months, as most of the rest of the world continues to battle a second coronavirus wave that has stalled the already fragile global oil demand recovery. China is likely importing now the last of the cheap crude its refiners snapped up in the spring when it took advantage of the lowest crude oil prices in nearly two decades. With the last of the delayed cargoes likely to discharge and clear customs in October,…
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