China’s Oil Inventories Boom With Discount Russian Crude

China has gobbled up a record amount of Russian crude, adding some 2 million bpd to its strategic and commercial inventories last month. This is the highest rate of inventory additions in three years, according to Reuters’ Clyde Russell. It is also an indication that the world’s second-biggest consumer of crude is insuring against the risk of supply shortages. This is happening as analysts expect Saudi Arabia to extend its 1-million-bpd voluntary production cut and as Russia’s flagship Urals blend tops the Western price…