China Built a Massive Oil Buffer Ahead of the Iran Crisis

China expanded its crude oil stockpiles over the first two months of the year, thanks to higher imports and a ramp-up in domestic production, Reuters’ Clyde Russell reported, adding that the stock buildout strengthened despite higher refining rates in the period. Imports of crude oil to China averaged 11.99 million barrels daily, Russell said, adding that domestic production over the period had averaged 4.42 million barrels daily, for a total supply of some 16.41 million barrels daily. Refineries, however, processed an average of 15.17 million…