China’s crude oil imports decline to six-month low

Oil

China’s crude oil imports decreased by 1.78M b/d (or 15%) m-o-m to 10.06M b/d in October, falling to the lowest level since April, according to China customs data. This is also a decline of 700K b/d (or 6%) y-o-y, marking the first time that crude imports have fallen year-on-year since April. Crude oil import demand has been slashed as stocks reach near-full capacity and many independent refineries have used up much of their annual import quotas, following the record levels of cargoes which were purchased during the oil price crash in March/April, Reuters report.