China to Refill Oil Reserves Following 2023 Drawdown

It's not just the US that is in desperate need of refilling its strategic oil reserve after Biden drained it to score some quick political points ahead of the 2022 midterms. China also needs to refill its oil tanks after steadily drawing on those stockpiles for much of 2023... but like in the US, don’t expect a massive buying spree that will send global prices rallying. According to data from Vortexa, onshore inventories in the world’s biggest crude importer fell to an eight-month low at the start of the year. That’s likely to…