China’s crude oil imports continue to ease in August

Oil

China’s crude oil imports decreased by 900K b/d (or 7%) m-o-m to 11.23M b/d in August, falling for the second month in a row since hitting a record high in June, according to China customs data. This is still an increase of 1.26M b/d (or 13%) y-o-y however, and is 2.01M b/d above the five-year average for August. Crude oil imports remain elevated as cargoes purchased during the oil price crash in March/April clear customs after being delayed by severe congestion at major Chinese ports.