China’s Oil Imports Hit 20-Month High as Iran and Russia Flows Rebound

Chinese crude oil imports topped 12 million barrels per day (bpd) in March, the highest volume since August 2023, as flows of Iranian and Russian crude rebounded from the lows seen early this year with the U.S. sanctions. China imported a total of 51.41 million metric tons of crude oil in March, data from the Chinese General Administration of Customs showed on Monday. That’s equivalent to 12.1 million bpd in crude arrivals last month, per Reuters calculations. The import volumes in March were the highest since August 2023 and were much higher…