China crude oil imports slump in September

China’s crude oil imports slipped around 1.73 million b/d in September.

PHOTO: Getty Images

Chinese crude oil imports in September decreased 13.4% from 52.80 million mt (12.48 million b/d) in August, to 45.74 million mt (11.17 million b/d), according to official data from China’s General Administration of Customs.

In contrast, August import figures showed a significant increase of 20.86% over July.

However, OPEC producers remain optimistic about Chinese oil demand in the organisation's October oil market forecast. OPEC predicted China's imports will remain above 11 million b/d over the next few months.

“However, reports that the government will not issue any further crude import or product export quotas for this year could weigh on any increase in flows,” OPEC added.

China's crude oil imports climbed by nearly 14%, from 40.24 million mt (9.83 million b/d) a year earlier in September.

By Konica Bhatt

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