China's Oil Imports and Exports Reach New Heights

China's crude oil imports surged by 22.5% YoY in March to the highest monthly volumes in nearly three years, as refiners ramp up fuel output to meet expected rising demand after the reopening. Refinery throughputs in China rose by 3.3% over the first two months of the year, and many expect demand for crude oil in China to surge to new record highs, driving record imports. Under WoodMac’s base-case scenario, Chinese oil demand would rise by 1 million bpd this year, driving the expected 2.6-million-bpd growth in global oil consumption.