The world's second-largest oil consumer was the first country affected by the COVID-19 outbreak in late Dec. and the first one to recover from the crisis. Thanks to the oil price collapse resulting from the Saudi-Russian spat in March, China has stepped up oil imports to take advantage of lower prices and, at the same time, has brought refineries back into operation, resulting in higher fuel production and more exports, particularly of VLSFO, to less-nimble neighbors in Asia, as reported in the May 11 Digest. This activity began about two months ago and the "benefits" of the crisis have apparendy started to wear off.
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