China’s crude oil imports fell in July – JLC

China imported 9.97 million b/d of crude oil in July, down by 12% from 11.30 million b/d imported in June, market intelligence provider JLC reported citing data from the General Administration of Customs (GACC).

PHOTO: Oil barrels with the Chinese flag in the background. Getty Images

Chinese crude oil imports in July were about 3% lower compared to July of last year.

A fall in China's crude imports indicates a slowdown in oil demand. This could put downward pressure on the crude price. “Lower imports could be ascribed to relatively weak domestic fuel demand and abundant supply, in addition to poor refining margins amid strong feedstock costs,” JLC added.

The country’s total crude oil imports in the first seven months of this year were 318 million mt, down by 2% compared to the same period last year.

By Aparupa Mazumder

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