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China Solidifies Position as World’s Largest Oil Importer
Chinese oil imports were at 9.043M b/d in September, up 12% w-o-w and 11.9% y-o-y, the highest since March 2017 and second monthly highest ever recorded, according to data by the General Administration of Customs. Chinese imports between January and September averaged a record of 8.5M b/d, solidifying the nation’s status as the world’s biggest oil importer. Meanwhile, Chinese crude exports in September stood at 110,000 b/d, the highest since March 2017, up 80% w-o-w and at the same levels with September 2016.