The world's largest oil importer has managed the Mideast supply crisis remarkably well so far, but cracks in its oil demand may be emerging — particularly in the feedstock-short petchem sector.

China has allowed some independent refiners to reduce processing rates amid mounting losses as Chinese crude and fuel stockpiles remain comfortably high despite the Middle East…

China's crude oil imports fell to 6.36 million barrels per day in May as the Middle East war cut supply — but a billion-barrel stockpile is keeping the market in check for now.

The world's largest oil importer has managed the Mideast supply crisis remarkably well so far, but cracks in its oil demand may be emerging — particularly in the feedstock-short…