China’s crude oil imports rebound in September

Oil

China’s crude oil imports increased by 620K b/d (or 5.5%) m-o-m and 1.77M b/d (or 17.6%) y-o-y to 11.85M b/d in September, rising to the third highest level on record after previously declining for two consecutive months, according to China customs data. This is 2.22M b/d above the five year-average for September. Congestion at major Chinese ports has begun to ease as delayed cargoes finally clear customs and capacity at onshore storage facilities continues to expand, Reuters report.