China’s crude imports reach five-month high in August

Oil

China’s crude oil imports rose by 780K b/d (or 8%) m-o-m to 10.53M b/d in August, the highest level since March, according to China customs data. Imports have been bolstered by increased purchasing from state-backed refiners who have boosted their operation rates in order to meet increasing fuel demand, Reuters report. Despite this increase, arrivals remained down by 700K b/d y-o-y as cargoes purchased during the oil price crash in March/April continued to clear customs after being delayed by severe congestion at major Chinese ports.