In May, Chinese refineries received their first crude cargo from the U.S. since November, of around 550,000 tonnes, the customs data released late on June 25 showed.
While some oil producers in the Gulf region have taken a massive hit, others are scaling back projects in an effort to survive.
But expect volatility as oil producers tame supply but wrestle with demand.
Scale of oil demand drop for oil has led to largest and longest supply adjustments in history, OPEC Secretary-General Mohammad Barkindo says.
Crude oil inventories also hit another record high on the U.S. Gulf Coast, where the bulk of the nation's refining capacity is located.
The natural decline rates of existing oil and gas wells across major shale plays in the U.S. will contribute to a tighter supply/demand balance.
Demand for energy storage has soared as the COVID-19 pandemic crushed fuel demand, spurring oil producers and traders to fill storage facilities across the U.S.