China’s crude oil imports fell to 11.1 million barrels per day in September, according to customs data, notes Carsten Fritsch, FX analyst at Commerzbank.
September crude oil processing data signals subdued oil demand in China
“This was the fifth consecutive month that imports were below the previous year’s level. There was also a decrease compared to the previous month, meaning that the monthly increase in August to 11.6 million barrels per day did not mark the beginning of a recovery. In the first nine months of the current year, China’s crude oil imports averaged 11 million barrels per day.”
“This is a good 3% less than in the corresponding period of the previous year. In the remaining three months, there would have to be a significant increase in imports to avoid the impending annual decline. To achieve this, imports between October and December would have “We have to exceed 12 million barrels per day, which seems unrealistic.”
“More recently, China’s crude oil imports fell in 2021 and 2022 due to the impact of the coronavirus pandemic. This time, weak demand for diesel and gasoline is affecting crude oil processing at refineries, which therefore “They are importing less crude oil. Therefore, crude oil processing data in September is not expected to be much better on Friday, signaling subdued oil demand in China.”
Source: Fx Street
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