China boosts oil imports for first time in five months
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China imported 43.14 million tons of oil in October, equivalent to 10.5 million barrels per day, follows from report General Administration of Customs of the People’s Republic of China. This is 7.2% more than in September, and the first increase in oil imports by China since May.
Oil imports by China this year are noticeably weaker due to the authorities’ tough anti-COVID policy, which resulted in the sequential introduction of lockdowns in many parts of the country and, as a result, a drop in consumer demand. As a result, the volume of oil imports for the first ten months amounted to 413.5 million tons, which is 2.7% lower than last year.
According to Bloomberg, in the coming months, oil imports to China will continue to grow, which will be facilitated by the 15 million tons oil export quota allocated in September by the government. So, according to the agency, in October, tankers were loaded on average 9.3 million barrels of oil per day, destined for China. This is the highest rate since December 2021.
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