China’s crude oil imports dropped in October to their lowest levels since September 2018, as state-owned refiners held back purchases due to rising prices while independent refiners hit quota limits on imports, reports Reuters. The world’s biggest crude oil importer brought in 37.8 million tonnes last month, data from the General Administration of Customs showed on Sunday, equivalent to 8.9 million barrels per day (bpd).
That is down from 9.99 million bpd in September and 10.02 million bpd in the same period last year. Over the January-October period, crude arrivals totaled 425.06 million tonnes, or 10.21 million bpd, down 7.2% year-on-year, the customs data showed.
Crude imports were down on a monthly basis for a second month and the decline has occurred amid a 62% jump in crude oil prices this year as economies open globally from COVID-19 pandemic restrictions, spurring fuel demand.