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The Real Reason China is Buying More Oil
China has accelerated crude oil imports in March and April, but the increased purchases this spring aren’t necessarily a sign of recovering fuel demand in the world’s biggest crude importer. It’s more likely that Chinese refiners are aggressively stockpiling cheaper crude amid uncertainties about sanctioned barrels going forward, analysts say. In April, Chinese crude oil imports rose by 7.5% from a year earlier to 11.69 million barrels per day (bpd), China’s customs data show. March also saw strong crude…