Queues of tankers have formed off China’s busiest oil ports as the vessels wait to offload crude for refineries that are quickly ramping up production amid a rapid rebound in fuel demand.
Two dozen or more crude-laden tankers are waiting to discharge at terminals on China’s east coast that supply state-owned and independent refiners in the region, according shipbrokers and vessel-tracking data. Asia’s largest economy is leading a recovery in oil consumption, with demand in May almost back to levels seen before the coronavirus triggered stay-at-home orders.
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