Falling global crude oil prices prompted China to import a record 31 million tons of crude oil last month, or over seven million barrels per day, Reuters reported, citing analyst estimates. Calculations using domestic output, imports and commercial storage against demand from refineries show the inflow raised the excess oil available for the country’s strategic oil reserves in 2014 to as much as 124 million barrels, over twice what was available for stock-building in 2013. While none appeared to have seen the buying spree coming, the analysts quoted said they expected China’s crude imports to slow.
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