All the hand-wringing -- and then this ...
U.S. crude oil exports for the month of April have surpassed forecasts, hitting a record 4.5 million barrels per day in March thanks to rising fuel demand in China.
U.S. crude exports grew 22% last year from 2021 after Russia's invasion of Ukraine led the U.S., the EU, and Canada to ban imports of Russian oil and dramatically altered global flows.
China is the world’s second largest oil consumer, and has recorded an economic resurgence ever since it rolled back its strict zero-Covid policies.
April exports to China surged to ~850,000 barrels per day, the highest level since May 2020.
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