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China’s crude oil imports in September rose about 14 percent year-on-year as refineries increased their purchases before the Golden Week holiday, which witnesses increased travel and improved manufacturing indicators.
Data from the General Administration of Customs showed that shipments to the world’s largest oil importer last month amounted to 45.74 million metric tons, or 11.13 million barrels per day.
September imports continue the significant upward trend recorded by imports since the beginning of the year compared to the levels of 2022, when the Chinese economy was subjected to a severe blow as a result of the widespread restrictions imposed by Beijing due to the Covid-19 pandemic.
Since the beginning of the year, imports have increased by 14.6 percent year-on-year to 424.27 million tons, or 11.34 million barrels per day.
However, September levels represented a decline of about 10.5 percent from the number recorded in August at 12.4 million barrels per day, which is the third highest level ever.
Emma Lee, Chinese oil market analyst at Vortexa in Singapore, said: “The decline in crude oil imports in September on a monthly basis was mostly driven by volumes imported from Saudi Arabia and Russia, as major oil companies reduced Saudi allocations and the process of getting rid of crude inventories accelerated, while continuing “Independent refiners move away from expensive Russian oil.”
Last month’s imports recorded a significant increase before the expected rise in demand for vehicle fuel during the Golden Week holiday, which extended from the end of September until the first week of October.
Manufacturing activity in China also recovered in September, indicating significantly improved sentiment. The purchasing managers’ index for the manufacturing sector rose in September to 50.2, above the 50-point level that separates growth from contraction.
2023-10-13 06:18:07
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