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COVID-19 - News digest as of 21.09.2021

September 21/2021

1. China resumes storing crude oil inventories in August

MOSCOW (MRC) -- China resumed adding crude oil to inventories in August after four consecutive months of draws, but this was a reflection of weak refinery processing rather than a bullish demand signal, reported Reuters. The world's biggest oil importer added about 760,000 barrels per day (bpd) to stockpiles in August, according to calculations based on official data for crude imports, domestic output and refinery throughput. This partially reverses inventories draws in the prior four months, with about 223,700 bpd leaving in July, about 980,000 bpd in June, 589,000 bpd in May and 280,000 bpd in April. China doesn't disclose the volumes of crude flowing into or out of strategic and commercial stockpiles. But an estimate can be made by deducting the total amount of crude available from imports and domestic output from the amount of crude processed. Refinery throughput in August was the equivalent of 13.74 million bpd, the lowest since May 2020, at the height of the economic lockdowns imposed to combat the coronavirus pandemic.
Author:Margaret Volkova
Tags:crude and gaz condensate, COVID-19, China.
Category:General News
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