Crude imports decline for the first time in 4 months

China’s crude oil imports were down 1.86% year-on-year in November to 13.36 million tons, representing the first year-on-year decline in oil imports in four months, the South China Morning Post reported, citing customs data. Crude imports jumped 28.14% in October, 9.99% in September and 11.54% in August. With crude imports up 9.47% to 164.51 million tons over the first 11 months of the year, full-year growth in 2008 is expected to be the lowest in three years. Analysts said that the decline was partly caused by refiners clearing the inventory they had built up in the prior to the Olympic Games in August. Fuel demand has also been hurt by a slowdown in vehicle sales.