When Reuters reported earlier this month that Asian oil imports had declined moderately during the first half of the year, many, if not most, traders immediately turned their attention to China, the world’s biggest importer of crude. During the first half of the year, China imported an average of 11.08 million barrels of oil daily. The amount, in absolute terms, is quite robust. Yet, because it was down from last year’s record daily average of 11.28 million bpd, the figure was interpreted as bearish. There is a clear reason…
