China’s crude oil imports have fallen in recent months from a record high of nearly 13 million barrels a day in June, data from the Joint Organization Data Initiative (JODI) showed on Wednesday, although imports have fallen compared with monthly levels last year. Volume continues to rise significantly.
After hitting a record high in June, China’s crude oil imports fell by 1.77 million barrels per day for two consecutive months to 11.21 million barrels per day in August, according to JODI data.
Official data last month showed that as port congestion began Ease, China’s crude oil imports in September increased by 2.1% compared with August, reaching 11.8 million barrels.
China’s crude-buying spree earlier this year led to record crude imports and weeks of delays at Chinese ports, during which tankers had to wait to unload crude oil that refiners had been exploiting in the spring for nearly two decades. Grabbing the lowest crude oil prices.
Going forward, analysts expect China’s imports to be less robust in the fourth quarter as storage space fills up and fuel demand in exporting regions remains weak. In October, Reuters quoted Shi Fenglei (English translation), deputy director of IHS Markit, as saying that China’s crude oil imports may fall by 14.5% in the fourth quarter of this year compared with the third quarter, equivalent to 1.7 million barrels per day.
China, the world’s largest oil importer, will continue to have a significant impact on the oil market in the coming months as much of the rest of the world continues to Fighting a second coronavirus wave that has stalled an already fragile recovery in global oil demand.
With the last of the delayed cargoes likely to be unloaded and cleared in October, markets are now anxiously watching China’s oil import policy for the rest of the year, looking for signs of how much crude imports may be.
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