China’s oil imports fell in October to their lowest level since September 2018, as large state-owned refiners withheld purchases due to rising prices, while independent refiners were constrained by limited quotas.
The world’s largest oil importer bought 37.8 million tonnes of oil last month, according to data from the General Administration of Customs showed on Sunday, the equivalent of 8.9 million barrels per day (bpd), compared to 9.99 million bpd in September and 10.02 million bpd in the same period last year.
During the January-October period, oil arrivals totaled 425.06 million tonnes, or 10.21 million bpd, down 7.2% from the previous year.
Oil imports fell for a second month and the drop came amid a 62% rise in oil prices this year as economies globally recover from the harsh restrictions of the Covid-19 pandemic, which stimulates demand for fuel.
Reference: CNN Brasil
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