Lower crude oil prices will likely prompt Chinese refiners to buy more crude and send more of those volumes to build up stockpiles, after purchases and estimated inventory builds slowed significantly in October and November in response to the 2023-high oil prices hit at the end of September. As oil prices eased in November and December, Chinese refiners are estimated to have purchased higher volumes of crude oil, and China’s crude oil imports could be on track to rebound in early 2024 if prices continue to remain subdued at below $80…
