China slashed crude oil imports from key suppliers in September – JLC

China reduced its crude oil imports from major suppliers in September, including Russia, Saudi Arabia, Malaysia, market intelligence provider JLC reported.

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China slashed its crude imports in September because of a large stockpile of imports made earlier this year coupled with high oil prices, JLC stated.

China imported “about 8.74 million mt of crude from Russia in September,” JLC said.

Last month, China's crude imports from Russia averaged 2.13 million b/d, "a drop of 14.35% month on month", JLC added citing data from China’s General Administration of Customs (GACC). “Russian barrels accounted for 19.10% of China’s crude imports in the month,” JLC stated.

The Asian country also reduced its crude imports from Saudi Arabia to around 1.60 million b/d, a drop of 15.22% from the previous month, JLC said.

China also cut its crude imports from Iraq, Brazil, Angola, the UAE, and a few other suppliers in September, JLC added.

However, on a year-on-year comparison, imports from Russia and Malaysia grew by 17.10% and 28.71%, respectively, JLC added.

China imported a total of approximately 45.74 million mt of crude oil in September, JLC said. Daily imports stood at 11.13 million bbls, “a plunge of 10.5% from the previous month,” JLC added.

“Its imports in the first nine months hit 424.26 million mt, with the daily imports at about 11.35 million barrels, an increase of 14.55% from the corresponding period of time in 2022,” JLC said citing data from GACC.

By Aparupa Mazumder 

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