China’s Crude Oil Imports Sink In October
11.09.2020 By Greta Talmaci - NEWS

November 09, 2020 [Oil Price.com] – China’s crude oil imports fell by 4.88 percent last month from a month earlier, data analytics provider OilX reported. At 10.96 million bpd, imports were more than 560,000 bpd lower than the average for September. On an annual basis, however, the October average was higher, by 3.47 percent or 367,000 bpd.

 
OilX’s analysts also reported that tanker congestion at Chinese ports has continued to ease. The level of oil in storage at facilities operated by the International Energy Exchange has also declined.

The tanker congestion in China followed a major buying spree earlier this year when crude oil was even cheaper. By the time the cargos reached China, it had become clear that demand will not rebound as strongly as hoped, causing delays in unloading and a shortage of storage capacity.

This situation is improving now, according to OilX, with oil in floating storage around China at 40 million barrels. INE storage has also declined—after falling for nine weeks in a row the amount of oil at these facilities is now more than 10 million barrels below the record highs registered in July, OilX said.

China’s crude oil imports have fallen in recent months from their record high of nearly 13 million barrels per day in June. However, imports continue to be considerably higher compared to last year’s monthly levels, according to data from the Joint Organisations Data Initiative (JODI).

Going forward, analysts expect that Chinese imports will not be as strong in the fourth quarter, as storage space remains quite full despite the decline in INE oil storage levels. At the same time, the demand for fuels in the regions China exports them to remains weak. In the final quarter of the year, Chinese crude oil imports could shed 14.5 percent from the third-quarter levels, equal to 1.7 million bpd, according to IHS Markit analysts.

————-

Click Here to Access Today a 6,000 Tank Terminal Database With a Pro Trial
6,000 terminals as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Exxon Preparing to Open Its Massive $2B Refinery Expansion in Beaumont
01.30.2023 - NEWS
January 30, 2022 [msn] – Exxon Mobil said Monday it finished building its $2 billion refine... Read More
Valero Has Best Year Ever in 2022 as 4Q Profits Triple, Topping Wall Street Expectations
01.30.2023 - NEWS
January 30, 2022 [San Antonio Express News] – Valero Energy Corp. cruised past Wall Street ... Read More
Mobil Continues to Invest in Australia's Fuel Security
01.30.2023 - NEWS
January 30, 2022 [ExxonMobil] – Melbourne, Australia – Mobil Oil Australia Pty Ltd (Mobil... Read More
Kernel Acquires Terminal In Yuzhny Port
01.30.2023 - NEWS
January 30, 2022 [Ukrainian News] – Kernel Holding, one of the largest operators on the oil... Read More